Credit Suisse boots 2,000 workers
Credit Suisse boots 2,000 workers

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.

Last updated August 03 2011: 12:30 PM ET
Join the Conversation
Ivy League grad, no job

These young job seekers graduated into the worst labor market since the Great Depression.

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.