The shoeshining business has been hurt not only by the pandemic, but also by the growing popularity of more casual footwear.
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The job cuts will hit profitable areas for the company including its cloud computing unit AWS and its burgeoning advertising business.
At one point, Credit Suisse shares lost more than a quarter of their value, hitting a record low.
The company had announced 11,000 job cuts in November, about 13% of its workforce at the time.
Bank stocks are continuing to drop Monday as Wall Street worries about what may be next to topple following the second- and third-largest bank failures in U.S. history.
Silicon Valley Bank, the nation’s 16th-largest bank, failed after depositors hurried to withdraw money this week amid anxiety over the bank’s health. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008.
Some of the market’s sharpest drops again came from the financial industry, where stocks tanked for a second day.
The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement.
Stocks stumbled on Wall Street Thursday and added to the week’s losses as markets remain anxious about the prospect of more aggressive action by the Federal Reserve.
Stocks sank on Wall Street after the head of the Federal Reserve warned it could speed up its economy-rattling hikes to interest rates if pressure stays high on inflation.
The Biden administration said the proposed merger would make the air travel industry less competitive and raise prices for consumers.
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