Credit Suisse Group Tuesday reported its latest quarterly results, and indicated that it plans to continue cutting jobs, particularly in the investment banking business.

The Swiss banking giant reported third quarter net income attributable to shareholders of 683 million Swiss francs (US$785 million). It also said that it’s taking steps to significantly reduce risk-weighted assets in investment banking, along with measures to underpin profitability in private banking, and an increased allocation of resources to faster-growing and large markets such as Brazil, Russia, China and Southeast Asia.

The bank’s investment banking division reported a pre-tax loss of CHF 190 million, which it said reflects the challenging and volatile market environment. It also said that it’s now aiming to reduce the investment bank’s risk-weighted assets in fixed income by approximately 50% by 2014.

The bank is also planning to implement additional cost efficiency measures on top of initiatives introduced last quarter, which are now expected to achieve CHF 1.2 billion in cost savings (up from an initial CHF 1.0 billion estimate), with most of the savings coming in investment banking, including reductions of approximately 4% of total employees across the bank. It’s now targeting an additional CHF 0.8 billion of cost savings by the end of 2013, involving further job cuts of approximately 3% across the bank, along with other measures.

“During the third quarter we experienced a challenging environment with a high degree of uncertainty, low levels of client activity across businesses and extreme market volatility,” noted Brady Dougan, CEO of the bank.

“We believe subdued economic growth and the low interest rate environment and increased regulation that we are seeing may persist for an extended period. We may well continue to see continued low levels of client activity and a volatile trading environment,” he concluded. “With our integrated client-focused, capital-efficient strategy we are well equipped for this environment and remain convinced that our strategy will provide us with substantial opportunity for growth and stronger performance as economic and market conditions improve.”