Credit Suisse is set to slash more jobs in its home market in an attempt to lower its spending, according to a media report. Hundreds of jobs in Switzerland are on the line.
The Swiss bank plans to ax roughly 900 of its employees in Switzerland in coming months, «Bloomberg» reported, citing sources.
This represents a slight step-up from 2016's rounds of job cuts, which totaled 800 positions. Credit Suisse's ultimate goal is to eliminate 1,600 jobs in Switzerland by the end of 2018, the sources said. A spokesman for the bank didn't comment to the news service.
On Track
The move was flagged by CEO Tidjane Thiam at an investor event two weeks ago, when the bank said it would widen ongoing cost cuts, largely by letting staff go. This is part of a wider restructuring unveiled last year, including plans to lower the bank's spending to less than 17 billion francs.
At the event, Thiam said the bank is on track with the 6,000 job cuts targeted for year-end – 1,600 of them in Switzerland. He didn't detail how many jobs Credit Suisse plans to cut in specific countries.
