Credit Suisse announces 4,000 job cuts amid big Q4 loss

Credit Suisse says it's cutting roughly 4,000 jobs to reduce costs after announcing a massive pre-tax loss in the fourth quarter that includes "substantial charges which are not reflective of our underlying business performance.'' 

The Swiss banking giant posted a net loss of 5.3 billion Swiss francs ($5.3 billion), compared to a net profit 691 million francs a year earlier. CEO Tidjane Thiam said the job cuts will represent savings of 1.2 billion francs per year. 

Read more on The Economic Times here