Credit Suisse Surprise Loss, Pepsi Cuts Jobs: Hot Trends
NEW YORK (
) -- Popular searches on the Internet Thursday include
Credit Suisse
(CS) - Get Report
as the Swiss bank reported a surprise fourth-quarter loss after recording 1 billion Swiss francs in charges.
The bank reported a net loss of 637 million francs, compared to 841 million francs in profit in the same period a year ago. Credit Suisse attributed the charges to cost-cutting measures, steps it is taking to exit unprofitable businesses and a risk reduction plan.
Going forward, Credit Suisse said it would cut risky assets by 80 billion francs in the first quarter, ahead of its original year-end goal. It also said it is on pace to cut costs by 2 billion francs by the end of 2013. No new job cuts are expected on top of the previously announced 3,500.
>
Pepsi
(PEP) - Get Report
is trending upon announcing that it plans to cut 8,700 jobs, or 3% of its work force, in an effort to cut costs, invest in advertising in North America and boost shareholder returns.
The job cuts will take place across 30 countries. Pepsi said it looks to save $1.5 billion by 2014. Pepsi will pour as much as $600 billion into advertising in North America this year. The snacks and soda company will also initiate a $3 billion share buyback program and will raise its dividend by 4%.
Pepsi said revenue climbed 11% to $20.16 billion in the fourth quarter, beating expectations.
"Nine hundred trillion dollar suit" is trending as a Staten Island mother has filed a suit seeking the enormous damages against the city of New York for taking her two children from her and putting them in foster care.
Fausat Ogunbayo reportedly said the Administration of Children's Services caused her economic hardship as well as economic injuries and violated her and her children's civil rights. The city took her children away in June 2008. They are now 16 and 13 years old and remain in custody. The city reportedly maintains that the mother refused treatment for being mentally unstable and would leave her children unattended for extended periods of time. Ogunbayo denied the city's claims.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar
.
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.
