Brady Dougan, CEO of Credit Suisse Group AG, a Swiss lending giant, has announced that 120 jobs will be slashed down in New York City as a measure toward cost reduction. The cuts are expected to happen between Dec. 30 and March 4 at the Madison Avenue offices in Manhattan, reported Bloomberg.

Credit Suisse had announced the dismissals of jobs  Dec.11, 2012, in a filed notice to the Department of Labor, reported Bloomberg. The Swiss giant is one of the biggest companies to join the "cost-cutting" bandwagon.

"The dismissals are part of previously announced cost reductions," Jack Grone, a spokesperson for the bank told Washington Post.

Credit Suisse had merged its asset management unit with its private banking unit in Nov. 2012. The company had earlier decided on cutting down 3,500 positions while the scaling of the unit happened, reported Bloomberg.

In Oct. 2012, Credit Suisse declared that its target was to save 4 billion francs by the end of 2015. It had already declared a 1 billion franc saving program in July, reported Washington Post.

Credit Suisse had already notified the state about its job cuts in May, according to the Washington Post.

The New York State Workers Adjustment and Retraining Notification Act (WARN) requires private employers, employing more than 50 workers, to furnish a notice period of 90 days before making any changes to the working hours, group layoffs or transfer.