By Marcus Leach
Credit Suisse have announced plans to cut over 2,000 jobs by the end of 2012 in an attempt to make savings.
The job cuts will account for 4% of their global workforce, and the news comes following a 52% year-on-year fall in net profit for the second quarter.
Factors affecting the massive drop in profits included strong currency and a decrease in trading, meaning results were far below those that analysts had predicted.
"We have to recognise the likelihood that the current headwinds in the economic and market environment may be more persistent than we would have hoped," said chief executive Brady Dougan and chairman Urs Rohner.
"We expect interest rates to remain low for an extended period of time and the strong Swiss franc to continue to have an impact on our results. We may also continue to see lower levels of client activity and a volatile trading environment."
It is hoped that the job cuts will help make savings in the region of 1 billion Swiss francs, with the investment bak division expected to be hardest hit.
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