If confirmation were needed about the severity of the world credit crisis, the fallout has now hit one of Switzerland’s major financial names. Credit Suisse, the number two Swiss bank, has announced nearly two billion euros of losses and 5,300 job cuts, or around 11 percent of the bank’s global workforce. The news comes at the worst time of year for the staff, with Christmas just three weeks away.

Credit Suisse also said that its chairman, its chief executive, and the head of its investment banking arm will not receive bonuses this year.

Copyright © 2012 euronews