Credit Suisse aims to complete a round of job cuts in Switzerland by the end of the year. The next phase of this project is about to begin.

Switzerland’s second-largest bank in October 2015 embarked on a project to trim its workforce in its home market by 1,600 positions. Credit Suisse (CS) this week will launch a new phase as part of this long-term plan and release a number of its employees, «Schweiz am Wochenende» (story behind paywall) reported. The newspaper cited a number of unidentified sources.

CS before the Christmas break offered some of its staff aged 58 or more to take early retirement, with a compensation payment of as much as one year’s pay.

The bank emphasized that the jobs cuts were part of the overall plan announced two years ago. The target of 1,600 job cuts in Switzerland was unchanged.