Credit Suisse Cuts Thousands Of Jobs To Restore Fortunes
Date
10/27/2022 1:49:21 AM
(MENAFN- Swissinfo)
Credit Suisse © Keystone / Walter Bieri
Swiss bank Credit Suisse is shedding 2,700 jobs, selling off parts of its business and raising billions in extra capital in a bid to reverse a downward spiral in fortunes.
This content was published on October 27, 2022 - 07:29 October 27, 2022 - 07:29 swissinfo.ch/mga The bank announced on Thursday that it will slim down from a current headcount of 52,000 to 43,000 by the end of 2025. This will start with 2,700 jobs being axed by the end of this year.
Credit Suisse has suffered a string of setbacks in recent years by being on the wrong end of soured business deals and courtroom battles. Management is attempting to stop the rot with a radical overhaul of the bank's operations and strategy.
Significant parts of the group's investment banking activities will be sold off to both raise cash and reduce its exposure to risk.
Credit Suisse is raising CHF4 billion ($4 billion) to shore up its wobbling capital base, including a CHF1.5 billion cash injection from the Saudi National Bank.
Switzerland's second largest bank has recorded nothing but losses over the last 12 months and posted a huge CHF4 billion loss for the third quarter of 2022. Most of this sum is attributable to a tax related charge resulting from its restructuring drive.
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