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Terminations/Cost Cutting

Credit Suisse to Cut Up to 6,500 Jobs in 2017

February 14, 2017

Credit Suisse is to cut up to 6,500 jobs this year after reporting a $2.43 billion net loss for 2016, and said it was examining alternatives to a planned stock market listing of its Swiss business. CEO Tidjane Thiam, who took over at Switzerland's 2nd biggest bank just over 18 months ago, is shifting the group more toward wealth management and putting less emphasis on investment banking.


As part of his turnaround plans, the bank is looking to cut billions of dollars in costs and has set a target of between 5,500 and 6,500 job cuts for 2017, according to CFO David Mathers. The bank did not specify where the extra cuts would come but said this would include contractors, consultants and staff. Credit Suisse also left open the possibility that it would sell 20-30% of its Swiss business in an IPO.


For the fourth quarter, Credit Suisse reported a $2.4 billion loss, largely on the back of a roughly $2 billion charge to settle U.S. claims the bank misled investors in the sale of residential mortgage-backed securities.