According to the Wall St Journal report Credit Suisse Group will cut 3% of its work force and shrink its investment bank after revenue at the unit collapsed in the third quarter, prompting the Swiss bank to accelerate efforts to reduce costs and adapt to tougher banking rules.
The new staff cuts are on top of 2,000 the bank announced in July, bringing the total to roughly 3,500. The bank raised its cost savings target to 2 billion Swiss francs ($2.3 billion), saying the full effect will kick in during 2014.
Read more at http://online.wsj.com/article/SB10001424052970204394804577011072349588112.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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