Credit Suisse is to cut about 75 jobs in its investment bank and support services division in the UK, as tough market conditions continue to force banks to tighten their belts.

The Swiss bank, which has an office in Canary Wharf, London, has already cut 1,000 investment banking jobs globally this year, following 170 redundancies in that division last year. It also cut 150 jobs in its residential mortgage-backed securities business.

Credit Suisse said: “Due to market conditions and projected staffing levels required to meet client needs, we are reducing headcount by approximately 75 in the United Kingdom within the investment bank and certain support functions.”

Analysts expect more redundancies to follow. Georg Kanders, of WestLB, said that more job cuts at the bank are “very likely” and that the redundancies are “an ongoing process”.

Credit Suisse reported its first quarterly loss for nearly five years in April after its asset writedowns reached $8.5billion (£4.3 billion).

Management partly blamed price-rigging traders in its fixed-income divisions in London and New York who forced the bank into a £1.4 billion writedown in an elaborate fraud linked to collateralised debt obligations.

Analysts at Goldman Sachs believe that Credit Suisse will have to write down a further SwFr1.15 billion (£566million) of assets this year.

The bank has also suffered from the cautious behaviour of its wealthy private customers, traditionally the backbone of its operations.

They put SwFr13.5 billion in net new assets in the first quarter of 2008, down from SwFr15.2 billion during the same period last year. Its wealth management business has suffered a 13 per cent fall in pre-tax profit to SwFr860 million. Shares in Credit Suisse closed down 2.3 per cent at SwFr47.48.

UBS, Switzerland's largest bank, has also suffered heavy losses, with a total of $37.4 billion in asset writedowns so far. It is to cut 5,500 jobs - close to 7per cent of its workforce.

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