China Financial Daily

Credit Suisse cuts again laid off 5300 employees
Because of bad performance, Credit Suisse yesterday announced that it would lay off 5300 people to control costs, which accounted for about 11% of the total number of Credit Suisse global staff and mainly involved in investment banking. Through layoffs, the bank could save 2.0 billion Swiss francs.

Siemens China denied the layoffs in China
Siemens China released 2008 financial report: the 2008 fiscal year sales and new orders growth rate reached 19%, which is double of the growth target of GDP growth rate. In the face of the global economic slowdown situation, Siemens China put forward the medium-term development strategy; the company business focus will continue to focus on rural areas, environmental protection and energy-saving innovations.

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