Credit Suisse is to cut 2,000 jobs by the end of 2012 in a bid to make cost savings across the business.
The move sees the firm cut around 4 per cent of its global workforce and comes after it reported a 52 per cent year-on-year fall in net profits in the second quarter of 2011.
Credit Suisse announced a net profit of £586m in the second quarter but says the results were hurt by a strong currency and a fall in trading.
The cuts are expected to make a saving of 1bn Swiss francs (£760m) next year. Job losses are expected across all divisions at the firm, with a focus on its investment bank.