Credit Suisse, HSBC start job cuts

Switzerland's Credit Suisse AG and Britain's HSBC Holdings Plc are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite.

The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.

Credit Suisse said yesterday the bank was cutting 650 jobs, equivalent to roughly 3 percent of its investment banking workforce of about 21,300.