Credit Suisse, which announced more than 5,000 job cuts on Thursday, also has struck a deal to add some 175 jobs to its Triangle work force of more than 800, according to media reports.

The N.C. Department of Commerce and the Swiss-based financial services firm struck a deal under which Credit Suisse will receive economic incentives as agreed to in 2006. At that time, the company said it would add 400 jobs at its operation in Research Triangle Park.

However, the revised deal reflects an agreement under which Credit Suisse adds more jobs at lower salaries than outlined in the earlier agreement. Instead of salaries of more than $108,000 on average, the lower range is around $71,000.

Credit Suisse has operated in the Triangle since 2004.

Earlier Thursday, Credit Suisse said it would cut about 11 percent of its global work force in a bid to reduce costs and take its business back into the black. About two-thirds of the cuts will be made in investment banking, said Chief Executive Brady Dougan.

Credit Suisse shares jumped 10.1 percent following the announcement to close at 30.50 Swiss francs ($25.46) on the Zurich exchange.

The bank did not provide a precise breakdown of the cuts, but earlier this week, it was announced that 650 jobs would be lost in London, and Swiss union KV Schweiz said it expects the bank to shed about the same number in its home market.

"Geographically, they are pretty well spread around the world," Dougan said in a conference call.

"But, you might imagine, there’s probably a higher concentration in the U.S., where there is more of an investment banking footprint."

The latest reductions come on top of 1,800 jobs already lost this year.

Switzerland’s second-biggest bank predicted another loss-making quarter, saying it was 3 billion francs ($2.5 billion) in the red by the end of November because of adverse market conditions and expenses associated with the job cuts.

Analysts expressed surprise at the figures, as they weren’t expecting the loss to be that high.

St. Gallen-based private bank Wegelin said in a note to investors that it now expects the full-quarter loss to be closer to 4 billion francs, as restructuring costs of some 900 million francs have so far not been taken into account.

A fourth-quarter loss would be the third this year, following losses totaling over $3 billion in the first and third quarter.

Credit Suisse said it hopes the job cuts, which should be completed by mid-2009, will save 2 billion francs ($1.65 billion) a year.

The bank also announced it expects to reduce its exposure to risky investments by 12 percent in the fourth quarter, which ends on December 31, to $170 billion.

"These actions will better position us to weather the continuing challenging market conditions, capture opportunities that arise amid the continuing disruption, and prosper when markets improve," Dougan said in a statement.

Unlike its cross-town rival UBS AG, the Zurich-based bank has not yet taken up a bailout offer from the Swiss government, though it has raised capital from foreign investors, including the government-controlled Qatar Investment Authority, to bolster its reserves.

"We don’t foresee any circumstances under which we would need to have any help from the government," Dougan said.

In line with other banks, Credit Suisse said Dougan and other senior officials will not receive salary bonuses for 2008 because of the bank’s bad performance during the year.

Dougan said the bank already has an executive compensation system of the kind recently put in place by UBS AG in the wake of political pressure to cut down on management pay excesses