Credit Suisse plans to cut 9,000 jobs over the next three years as part of a wide-ranging revamp it announced Thursday.
About 2,700 of those cuts will come in the fourth quarter, the bank said.
Credit Suisse also outlined its plan to break up its investment bank with the aim of reducing risk-weighted assets by 40% over the next three years and focusing on serving institutional and wealth management clients.
As part of the plan, it’s spinning off its capital markets and advisory units under a revived First Boston banner. That business will be led by Michael Klein, a Credit Suisse board member who is stepping down from that role to take the helm.
