Europe's debt crisis took its toll on this Zurich-based bank's bottom line in the second quarter.
Now Credit Suisse is looking to lay off 4% of its global workforce -- or roughly 2,000 employees, as part of a move that it hopes will save about $1.3 billion.
"We need to make sure we can continue to deliver returns even if these conditions persist," CEO Brady Dougan said in a conference call with reporters. "We believe our ability to act decisively in adjusting our cost base will ensure that Credit Suisse maintains its position, produces strong profitability and generates best-in-class returns."
About 500 of those job cuts will be made in Switzerland, but the company has not said where the remaining layoffs will be made.
These young job seekers graduated into the worst labor market since the Great Depression.
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