Credit Suisse: massive loss and job cuts

Thursday, 27 October 2022 07:20

Troubled Swiss bank, Credit Suisse has revealed a loss of CHF 4bn for the last quarter and says it will shed thousands of jobs over the next few years.

At a press conference this morning, the bank says it plans to make CHF 2.5bn worth of savings by 2025. That’s up from initial estimates of around a billion.

The bank’s chairman, Axel Lehmann is admitting the bank has been unfocussed in recent years.

2,700 jobs will go this year – but 9,000 over the next three years.

The bank hopes most of the losses can be through natural wastage – retirements and resignations.

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