Credit Suisse weighs cutting around 5,000 jobs to curb costs: Report

Credit Suisse is weighing plans to eliminate around 5,000 jobs across the group — around one job in 10 — as part of a cost-cutting drive at the bank, a source with direct knowledge of the matter told Reuters.

The discussions are ongoing and the number of reductions could still change, the person said.

The bank declined to comment beyond its previous remark that it would give an update on its comprehensive strategy review with third-quarter earnings and that any reporting on potential outcomes before then was speculative.

Credit Suisse in July named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses.

Switzerland’s second-biggest bank has dubbed 2022 a “transition” year with a change of top management, restructuring aimed at further trimming investment banking and bulking up its flagship wealth management business.

A new strategic review announced in July, the bank’s second in less than a year, will evaluate options for its securitised products business to attract third-party capital while reaffirming its commitment to asset management.

Credit Suisse shares, which have fallen by more than 40% this year, were down 3.5% in late trading after touching an all-time low amid a selloff in the banking sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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