Credit Suisse will cut 300 asset-management jobs in the U.S. as it repositions the unit to focus on core strengths.

The Swiss banking firm will take a $123 million charge to realign the asset-management business, reports the New York Times. Chief Financial Officer Renato Fassbind told the newspaper the cuts will be part of an overhaul aimed at strengthening lagging areas of the business.

Fassbind declined to say specifically which positions will be cut.