Swiss bank Credit Suisse announced it would cut about 2,000 jobs as it reported second-quarter net profit that missed expectations, dented by weak trading activity and the strong Swiss franc.

Credit Suisse reported net profit fell to 768 million Swiss francs (€662.9 million), below average analyst forecasts for 1 billion.

Rival UBS said on Tuesday it would cut costs by up to 2 billion francs and push back targets after reporting disappointing second-quarter profits due to slow trading in fixed income, currencies and commodities (FICC).

Investment banking has been hit by slow trading due to the debt crises in the euro zone and United States as well as post-crisis regulations aimed at forcing banks to hold more capital to protect them from future shocks

Reuters