Credit Suisse has said it will cut 4% of its workforce to slash spending after second-quarter net profit dropped by more than half, hammered by the strong Swiss franc and a trading slump.

Zurich-based Credit Suisse joined crosstown rival UBS in launching a cost-cutting drive, which will cost up to $562.5m in restructuring charges this year. The cutbacks translate to more than 2,000 job reductions, in part because securities markets and client activity have been too weak to justify large investment banking units.