Swiss lender Credit Suisse Group has downsized its investment banking unit, Bloomberg reports. The Zurich-based bank has laid off 85 employees in its investment banking unit.
The reductions are part of the 2,000 job cuts announced in July by the bank. The lender will further reduce its investment banking unit’s strength by 1,500. This follows the third quarter losses, the first since 2008, posted by its investment banking unit.
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