according to "the wall street journal", "credit suisse survived the credit crisis better than many competitors." credit suisse had $902 million in writedowns for subprime holdings and the same amount for leveraged loans, but it did not have to borrow from the government. along with other banks, credit suisse was investigated and sued by us authorities for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during the housing boom. following the crisis, credit suisse cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014. it reduced emphasis on investment banking and focused on private banking and wealth management. in july 2011, credit suisse cut 2,000 jobs in response to a weaker than expected economic recovery and later merged its asset management with the private bank group to cut additional costs.