Credit Suisse Group confirmed reports it will cut up to 1,750 jobs at its investment banking unit Credit Suisse First Boston (CSFB) starting this month.
This measure is part of a $500 million cost-cutting programme where most of the cuts will be made through a reduction in personnel costs, a Credit Suisse spokesman said.
The latest job cuts in the Credit Suisse group will affect 5 to 7 per cent of CSFB's worldwide workforce, he said.
He declined to say which CSFB divisions, regions or positions would be most affected.