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Credit Suisse to cut 9,000 jobs, seek billions in new investment

Credit-Suisse

Credit Suisse to cut 9,000 jobs, seek billions in new investment

Geneva, Oct 27 (Prensa Latina) Credit Suisse, Switzerland's second largest bank, on Thursday disclosed sweeping plans to cut 9,000 jobs (17% of its full-time workforce) and raise billions of pounds from investors in Saudi-led funding round.

Switzerland’s second-largest bank said it was shedding 2,700 full-time staff, accounting for about a third of its planned cuts and a fifth of its 52,000 global employees. It expects the total staff base to shrink to 43,000 by the end of 2025.

The announcement follows months of speculation over the scale of change scheduled under its new boss, Ulrich Körner, who has been tasked with scaling back the investment bank and slashing costs. The bank’s statement underlined that cutting its workforce is part of its annual reduction plan, which it intends to decrease by 15% until it reaches 14.5 billion Swiss francs (some €14.6 billion) by 2025.

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