Swiss banking giant Credit Suisse has announced it will cut around 10 percent of its 51,300 workforce worldwide.
Its investment banking unit will be hit hardest. The bank said it had lost 1.95 billion euros at the end of November, mostly in investment banking. Meanwhile US telecommunications giant ATЯamp;T has announced it will cut 12,000 jobs and reduce capital spending due to the economic downturn. Job cuts were also announced by media giant Viacom and chemical maker DuPont.
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