UPDATE: Credit Suisse Reports Downbeat Q2 Earnings

Credit Suisse Group CS reported downbeat second-quarter earnings and announced its plans to cut around 4% of its workforce. Credit Suisse's quarterly net profit declined to 768 million Swiss francs ($958 million), from 1.6 million francs, in the year-ago period. Analysts were expecting a profit of 1 billion Swiss francs. Credit Suisse's revenue from its main operations declined 25% to 6.33 billion francs. Credit Suisse announced its plans to cut more than 2,000 jobs. CS shares gained 0.48% to $35.95 in pre-market trading.