Embattled Swiss bank Credit Suisse is planning to cut around 10% of its workforce as part of a major cost cutting drive, according to several media reports.
This content was published on
2 minutes
Reuters/jdp
Español
es
Credit Suisse contemplaría una importante supresión de puestos de trabajo
Reuters reported on Thursday that someone with direct knowledge of the matter indicated that 5,000 positions are expected to be slashed, which is about one in ten positions at the second largest bank in Switzerland.
Credit Suisse declined to respond to Reuters’ requests for confirmation, repeating that it would give an update on its strategy review with its third-quarter earnings next month. Any reporting on outcomes of this review was speculative at this time, the bank added.
The scale of the potential job cuts comes in the wake of a string of scandals and mounting legal fees. In June, Credit Suisse was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang in Switzerland’s first criminal trial of one of its major banks. The bank is appealing the verdict.
The company is currently undergoing what it refers to as a “transition” year with a new CEO and several measures to curtail risk-taking in investment banking and bulk up wealth management.
The discussions about job cuts are ongoing and the number of reductions could still change, Reuters’ source said. Swiss newspaper Blick earlier reportedExternal link that more than 3,000 jobs would be shed, a majority of which would come from the Zurich headquarters.
Credit Suisse has already said it aims to cut costs below CHF15.5 billion ($15.8 billion) in the medium term. So far, it has not outlined job cuts.
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
Over 50 former diplomats blast Switzerland for ‘silence’ on Israel
This content was published on
In a joint letter, 55 former diplomats have expressed their shock at Switzerland’s “silence and passivity” regarding Israel’s “war crimes” in Gaza.
Swiss Solidarity donations surpass CHF4 million for landslide victims
This content was published on
As of Sunday morning, Swiss Solidarity’s provisional donation amount for the landslide area was around CHF4.3 million ($5.2 million).
Swiss aid expert criticises Gaza Humanitarian Foundation
This content was published on
The aid work of the Gaza Humanitarian Foundation is insufficient says Swiss government Delegate for Humanitarian Aid Dominik Stillhart.
Danger in Lötschental valley landslide area remains high
This content was published on
According to the authorities in canton Valais, the danger in the landslide area in the Lötschental valley remains very high on Sunday.
Swiss president visits region affected by glacier collapse
This content was published on
Swiss President Karin Keller-Sutter spoke with communities affected by the Birch glacier collapse, which buried the village of Blatten.
This content was published on
On Saturday the Lake Geneva, Valais and Basel regions are expected to record the first tropical day of the year, with temperatures exceeding 30°C.
Credit Suisse shareholders refuse to let board off the hook
This content was published on
Shareholders refuse to absolve Credit Suisse board members of legal liability after a series of bungles and court cases in recent years.
Credit Suisse chair Horta-Osório resigns over Covid-19 breaches
This content was published on
Shares in Swiss bank Credit Suisse slipped on Monday after its chair António Horta-Osório quit following an internal probe.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.