Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Investment banking unit takes major hit as bank joins rush to cut expenses
By Jim O'Neill,  Newser User
Posted Dec 4, 2008 6:30 AM CST
In this April 24, 2008 file photo, the logo of Credit Suisse is seen, in Zurich, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, File)
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(Newser) – Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as Credit Suisse refocuses on its more profitable private banking and waits for market conditions to improve.