Swiss credit is looking at cutting some 5,000 jobs, about one in 10, as part of a cost-cutting drive at Switzerland’s second-biggest bank, a source with direct knowledge of the matter told Reuters.
The scale of the potential job cuts underscores the challenge facing Credit Suisse and its new chief executive as it tries to bring order to the bank after a series of scandals.
The bank declined to comment beyond repeating that it would provide an update on its strategy review with its results for the third quarter of 2022saying any information about the results was speculative.
Credit Suisse has called 2022 a “transition” year, with a changing of the guard, a restructuring to reduce risk-taking in investment banking and a rise in wealth management.
The bank, which is based in Zurich, has dismissed speculation about its possible purchase or dissolution.
Discussions about job cuts are ongoing and the number could still change, the source said.
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