Credit Suisse to Cut 5,300 Jobs, 11% of Total Headcount

Credit Suisse to Cut 5,300 Jobs, 11% of Total Headcount


Dec. 4 (Bloomberg) -- Credit Suisse Group AG, Switzerland's second-largest bank, said it will cut 5,300 jobs, or 11 percent of its workforce, after losses of 3 billion francs in the first two months of this quarter.

The reductions will be primarily in the investment bank and help save 2 billion francs in costs, the bank said in an e-mailed statement from Zurich today.

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