The jobs cull at Credit Suisse is not over - say sources - as the bank is set to axe some of its top directors next month.
While Credit Suisse declined to comment, sources say that the Swiss bank plans to slash one third of senior employees in its European investment banking department after a weaker economy and regulatory capital requirement levels eat into its balance sheet.
As of the end of the first quarter this year, Credit Suisse had already axed 2000 people, which means there is 1500 left to go in its target 7 percent.
Credit Suisse has not outlined dates for when the remaining job cuts will take place.
Credit Suisse, like all investment banks is in a frenzy to shore up capital in order to legally comply with regulators over capital requirement levels as well as reduce its risk assets under Basel III rules.
In tandem, a weak Eurozone environment and weakening economies in the face of the ongoing sovereign debt crisis has haemorrhaged cash.
Credit Suisse has also faced recent criticism from the Swiss national bank to bolster its capital base by halting dividends and issuing shares while ALSO being downgraded by three notches by ratings agency Moody's.
Written and Presented by Lianna Brinded.