Credit Suisse will cut another 1,500 jobs and scale back its capital-guzzling investment banking business as it seeks to meet tough new regulations, it said after reporting disappointing third-quarter results.

The job losses come on top of 2,000 cuts announced by the Swiss bank in July out of a total of about 50,700, aimed at saving an annual 1 billion francs (€825 million). It said the new cuts should bring cost savings to 2 billion francs (€1.65 billion) by 2013.Credit Suisse Group AG shares traded 8.7 per cent lower at 23.37 francs.– Reuters