Credit Suisse to cut 6,500 jobs

Swiss multinational financial services holding company Credit Suisse is preparing to cut 6,500 jobs in 2017 following a fourth-quarter net loss.

The net loss was $2.3 billion, resulting from a $5.3 billion fine from the U.S. Department of Justice over its sale of toxic mortgage assets.

During the quarter, the company recorded a provision of approximately $2 billion for the U.S. penalty.

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