Feb 14, 7:28 AM EST

Swiss bank Credit Suisse to cut 5,500 jobs this year


GENEVA (AP) -- Credit Suisse says it plans to cut over 5,500 jobs this year in an "incremental headcount reduction," as the Swiss bank continues to rein in costs and change course after two years of losses.

A bank spokesman declined to specify the types of positions or regions most affected, but said in an e-mail that the focus would be "on contractors, consultants and other contingent workers" that Credit Suisse employs by the tens of thousands.

At the end of 2016, Credit Suisse counted 47,170 "full-time equivalent" positions, about 1,000 fewer than at the end of 2015. But it slashed overall headcount - including "contingent workers" like information technology specialists - by 7,200 last year.

The announcement Tuesday came as the bank announced it had more than halved its fourth-quarter loss.

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