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Terminations/Cost Cutting

Credit Suisse Axe 175 London Jobs Ahead of Investor Day

December 1, 2016

[Photo:  Zeppelin, by de:benutzer lakeconstance]


Credit Suisse Group cut about 175 jobs in London this week to lower costs, part of its overhaul that sees the lender focusing more on wealth management. The measures will bring the bank closer to a previously announced goal of eliminating about 6,000 jobs this year and scale back the global markets business. A large number of Credit Suisse’s employees in London work in the investment bank.


CEO Tidjane Thiam, who is scheduled to update investors on a year-old turnaround plan next week, is under pressure to deepen cost cuts at the Swiss bank. CS has been pulling back from costly debt-trading after losses on high-risk bets flared up earlier this year. A slump in its equities business, which the lender said it wants to grow, has added to difficulties at the global markets unit.


As of last month, the company still had to eliminate about 600 positions this year to reach its headcount goal and push costs below a target of 19.8 billion francs ($19.5 billion) in 2016.