(MENAFN- Swissinfo)
The company has faced a string of scandals and mounting legal costs. It is currently undergoing what it calls a transition phase with a new CEO. © Keystone / Melanie Duchene
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 September 2, 2022 - 09:40 September 2, 2022 - 09:40 Reuters/jdp
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 bank is also still dealing with the impact of losses associated with the collapsed Archegos hedge fund and Greensill financial group .
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.
More
More
Why Switzerland matters for the tropical forests
While there is this deep-rooted tradition of respect of the environment in Switzerland it does not necessarily extend beyond the country's borders.
Articles in this story
- Why Switzerland matters for the tropical forests
Tags:
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
Contributions under this article have been turned off. 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 .
Read more
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.