/world business
(CNN) -- Credit Suisse will cut 5,300 jobs -- about 11 percent of its workforce -- following a net loss of about 3 billion Swiss francs ($2.5 billion) in October and November, the Swiss bank announced Thursday.
Most of the cuts will come from the group's investment banking division.
Credit Suisse has already axed 1,800 jobs so far this year. The new cuts will reduce the bank's costs by 2 billion Swiss francs, it said.
Most of the cuts will come from its investment banking division, the bank said in a statement. Credit Suisse said it was "significantly" reducing its risk in that area.
Credit Suisse group reported a loss of nearly 1.3 billion francs for the third quarter of this year, but refused in October to join in a Swiss government bailout of the country's financial sector.
The government said it would pour 6 billion francs into banking giant UBS in October. UBS announced at the time that it would transfer up to $60 billion of illiquid assets off its books and onto those of the Swiss National Bank. Illiquid assets are ones that cannot be sold easily, or without substantial loss.
But Credit Suisse declined to take government money, instead raising approximately 10 billion francs ($8.26 billion) from from a group of international investors led by the Qatar Investment Authority.
The bank said it decided not to participate in the government's bailout plan because it had a low level of affected assets in its portfolio and good access to capital markets.
CNN's Alysen Miller contributed to this report
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