Credit Suisse tells staff to tighten belts

LONDON - Credit Suisse has told its investment bankers to reduce staff parties, client entertainment and even colour photocopying in a bid to trim costs, the Financial Times reported yesterday.

Citing an internal memo from Brady Dougan, head of investment banking at Switzerland's second-largest investment bank, the newspaper said the cutbacks were unusual as business is booming for the banking industry.

"Managing our expenses is both a critical part of our strategy and our jobs. You can do your part by challenging all spending to ensure that it is necessary," the FT, in a front-page story, quoted Dougan's memo as saying.

- REUTERS