Credit Suisse is still not done reducing costs and speculation is rife about a further set of job cuts. The bank’s reaction to the talk was telling.
Credit Suisse is evaluating a cut of hundreds of more jobs as part of its ongoing plan to reduce costs, according to a report by news agency «Bloomberg». The media organization cited unidentified sources for the claim.
The bank may start laying off people before the end of the year and the lay-offs may affect both the Swiss Universal Bank as well as the wealth management business, the report added. Credit Suisse aims to push operating costs below 17 billion Swiss francs ($16.9 billion) within two years.
The bank commented the report in a statement to «awp» news agency. It said the report was a mere allegation and unfounded. The wording however makes for interesting reading as the Credit Suisse spokesperson was quoted as saying that there was no active job cutting taking place. In other words, the bank is not likely to lay off staff but seems not to exclude cuts through attrition.
