Credit Suisse is cutting approximately 150 jobs in its mortgage-backed securities business in New York and London in the wake of redundancies by rivals in similar businesses that have been hit by the fallout from the sub-prime crisis in the US.

Bear Stearns, HSBC, Lehman Brothers and Merrill Lynch have all made substantial job cuts to their mortgage operations in the last month, with some closing their US sub-prime lending operations entirely as a result of the crisis that stemmed from a sharp rise in deliquencies or defaults on loans.