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Credit Suisse to Dismiss 126 Workers at New York Site

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Credit Suisse Plans to Dismiss 126 Workers at New York Site
Credit Suisse Group AG , Switzerland’s second-biggest lender, told New York state regulators it will begin cutting 126 jobs in Manhattan in the “next few months.” Photographer: Gianluca Colla/Bloomberg

May 16 (Bloomberg) -- Credit Suisse Group AG, the second-biggest Swiss bank, told New York state regulators it will eliminate 126 jobs in Manhattan over the coming months.

The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will extend through Aug. 6, the bank wrote in a Department of Labor filing. The firm decided last year to scale down its investment bank and said it would cut 3,500 jobs.

Financial companies, mainly in Western Europe and the U.S., disclosed plans last year to eliminate more than 200,000 positions as they adapt to capital requirements and prolonged economic weakness. Jack Grone, a spokesman for Zurich-based Credit Suisse, declined to comment beyond the filing.

The firm said last month that first-quarter profit plunged 96 percent to 44 million Swiss francs ($47 million) after it booked accounting charges related to its own debt and costs for 2011 bonuses. The company said at the time it was on track to save about 2 billion francs in annual costs by the end of 2013.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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