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Credit Suisse could ‘axe 5000 jobs’

By Alexandra Leonards

Credit Suisse is reportedly looking at axing around 5,000 jobs in a bid to reduce costs.

The move, first reported by Reuters, would mean one position in every 10 jobs would be cut across the bank.

A source close to the matter told the news agency that discussions about the redundancies are ongoing and that the number of job cuts could still change.

Swiss newspaper Blick reported that over 3,000 jobs would be cut.

The news comes after the bank, which is the second largest in Switzerland, faced a number of high-profile scandals.

Earlier this year, Antonio Horta-Osorio resigned from the role of chairman after breaking Covid quarantine rules.

In June, a Swiss criminal court found the global investment bank guilty of failing to protect itself against money laundering.

The court fined Credit Suisse roughly £1.7 million (CHF 2 million) for breaking the a criminal code and more than £16 million (CHF 19 million) in compensation.

Credit Suisse's investment arm also issued a profit warning for the final quarter of 2021

The bank said it had seen a reduction in transaction-based revenues across its investment bank and wealth management businesses.

Following the string of scandals, Credit Suisse announced a management shake-up that will see a number of its executive board roles change hands.

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