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Business


CREDIT SUISSE MULLS JOB CUTS AS LOSSES MOUNT: REPORT

 * Report comes amid mounting setbacks for the beleaguered bank
 * Credit Suisse to post second quarter results on Wednesday

By

Bryce Baschuk

+Follow
July 24, 2022 at 7:17 AM GMTUpdated onJuly 24, 2022 at 8:16 AM GMT


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Credit Suisse is weighing a fresh round of job cuts and other measures aimed at
reducing expenses, according to a report published Sunday by SonntagsZeitung. 




Discussions among the board of directors and management about a large cost
savings package have reached an advanced stage, according to the Swiss paper,
which cited unnamed sources. It remains unclear when an announcement will be
made, the paper said. 



A spokesman for Credit Suisse declined to comment. The company plans to report
second quarter financial results on Wednesday. 

Last month, Switzerland’s second largest bank warned that results in the second
quarter were impacted by clients pulling back, particularly in Asia. The bank
subsequently announced two dozen job cuts in an overhaul of its Asia investment
bank.




Under the leadership of Chief Executive Officer Thomas Gottstein, the bank has
seen a $5.5 billion hit from Archegos, the collapse of partner Greensill Capital
and numerous setbacks that eroded investor confidence, weakened key businesses
and prompted an exodus of talent.

(Updates with Credit Suisse declining to comment in third paragraph)




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