Global job cuts roundup...

Credit Suisse Group AG, Switzerland’s second-largest bank, said that it will cut 5,300 jobs, or 11% of its workforce, after reporting losses of about 3 billion francs (US$2.5bn) in the first two months of this quarter. The bank said that the loss, primarily in investment banking, was due to adverse market conditions and risk reduction. In addition, Credit Suisse will take a restructuring charge of 900 million Swiss francs, mostly in the fourth quarter. The job cuts will help save 2 billion francs in costs, the Zurich-based bank said.

AT&T announced a planned reduction of about 12,000 jobs, or about 4% of the company's total workforce, citing economic pressures, a changing business mix and a more streamlined organizational structure. Associated with these job reductions which will occur in December and throughout 2009, AT&T will take a charge of approximately US$600mn in the fourth quarter of 2008 to pay severance to affected employees.

DuPont slashed its fourth-quarter earnings forecast and announced plans to lay off 6,500 workers, including contractors, due to the downturn in the construction and automotive markets and a severe slump in consumer spending. The job cuts include 2,500 full-time employees and 4,000 contractors, principally from the company's motor vehicle and construction-related businesses that support markets in Western Europe and the US.

The Japanese-based bank Nomura, which in October stepped in to buy the defunct US bank Lehman Brothers' European equities and investment banking operations, said it will cut 1,000 London jobs. Most of the cuts are merger-related.