Similar stuff is going on at Credit Suisse, which announced some of its Q2 results prematurely today alongside news of its capital raising. Initially, Credit Suisse intended to cut its costs by CHF2bn by the end of 2013. However, having eliminated all those senior bankers in London, it's achieved this earlier than anticipated. Flushed with cost cutting success, Credit Suisse now plans to cut an additional CHF1bn. Will jobs go as a result? Brady Dougan wouldn't say, but the initial cuts resulted in 2,500 persons being eliminated. Logically, therefore, another 1,250 people could be ousted - except that (as our German editor points out) the next round of cost cutting is likely to hit lower paid operations and middle office staff rather than super-remunerated MDs, more of whom will need to go if targets are to be met. These new Credit Suisse cuts could be just as - if not more painful for its investment banking staff.