Credit Suisse, Switzerland's second largest bank, said Thursday it would cut 5,300 jobs, about 11 percent of its global workforce, in order to reduce costs and deal with the challenging market conditions.
Most of the job cuts will be in the investment banking sector, and all cuts should be completed by the end of June next year, the bank said.
"These actions will better position us to weather the continuing challenging market conditions, capture opportunities that arise amid the continuing disruption, and prosper when markets improve," chief executive Brady Dougan said in a statement.
The bank predicted that it would end 2008 with another quarterly loss. Its loss for the first two months of the final quarter already amounted to 3 billion Swiss francs (about 2.48 billion U.S. dollars).
Source: Xinhua
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