Credit Suisse to Slash More than 100 Finance Jobs in New York

Switzerland's second-largest bank, Credit Suisse Group AG, recently announced that it plans to cut 109 finance jobs in Manhattan starting in March, Bloomberg reports.

According to the news source, the company said in a filing with the New York Labor Department that economic reasons were behind the intended job cuts. The elimination of the positions will reportedly begin on March 8 and continue through the beginning of May, the company said.

While news that more than 100 finance jobs will be slashed in Manhattan had not been known until recently, Credit Suisse spokeswoman Victoria Harmon told the news source that the cuts were part of last year's announcement, when the financial institution said it would slash an additional 1,500 positions due to declining profit.

In a recent research note, Morgan Stanley analysts said Credit Suisse could slash 25 percent of its 2011 bonus pool due to its securities unit posting a second consecutive quarterly drop, Bloomberg reported.

The job cuts are the latest financial positions set to be eliminated, as institutions such as Citigroup and Bank of America have also recently announced a significant number of cuts, according to reports.