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Credit Suisse Plans New Cost-Cutting
This past year, Credit Suisse added 1,500 new position; beginning today, the bank will reverse course and cut 2,000 jobs. “Disappointing” Q2 results, highlighted by a big drop in investment banking earnings, is driving this austerity move. For Credit Suisse, the second-largest Swiss bank behind UBS, the cuts represent 4% of its world-wide workforce of 51,000 persons. CS is looking to generate cost savings of 1 billion in Swiss Francs by the end of 2012.
Across the Board Job Cuts. Credit Suisse CEO Brady Dougan said the cuts would be spread across the bank's divisions globally. "Headcount losses will be spread across our divisions and geographies. There will be losses at investment and private banking.”
Earlier in the week UBS announced it would cut 2 billion francs from its cost base following weak trading in commodities, currencies and fixed income. [CNBC, 7/28/11]
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