World | financial crisis 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 Posted Dec 4, 2008 6:30 AM CST Copied In this April 24, 2008 file photo, the logo of Credit Suisse is seen, in Zurich, Switzerland. (AP Photo/Keystone, Alessandro Della Bella, File) 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. Read These Next Multiple people have been shot at a Mormon church in Michigan. North Carolina shooting suspect once walked the red carpet. The gunman who killed 4 at a Michigan church was an ex-marine. The latest mass shooting in the US took place from a boat. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error