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Credit Suisse Has No Target for Job Reductions, Spokesman Says

Credit Suisse Group AG is seeking to save 4.5 billion Swiss francs ($5.1 billion) in annual costs by the end of 2015. Photographer: Gianluca Colla/Bloomberg
Credit Suisse Group AG is seeking to save 4.5 billion Swiss francs ($5.1 billion) in annual costs by the end of 2015. Photographer: Gianluca Colla/Bloomberg

March 23 (Bloomberg) -- Credit Suisse Group AG, Switzerland’s second-biggest bank, is sticking to its original cost-cutting plan and hasn’t set job-reduction targets, according to spokesman Marc Dosch.

Schweiz am Sonntag reported today that the Zurich-based lender is going to cut 300 to 500 jobs globally, including about 200 in Switzerland. The newspaper didn’t say where it got the information.

“The numbers in the report are speculation,” Dosch in Zurich said by e-mail. “Credit Suisse has been working on efficiency measures for some time. We have announced end-of-2015 expense savings targets. We are executing on this program, but there is no headcount reduction target.”

Credit Suisse is seeking to save 4.5 billion Swiss francs ($5.1 billion) in annual costs by the end of 2015. Last year, it created non-strategic units within the bank’s divisions to speed up its exit from some businesses and boost profitability.

The bank posted a 1.5 percent increase in net income of 267 million Swiss francs in the fourth quarter, missing the 398 million-franc average estimate of 12 analysts surveyed by Bloomberg.

Credit Suisse sold its German private-banking business to ABN Amro Group NV’s Bethmann Bank in December for an undisclosed amount. The sale included about 10 billion euros ($13.8 billion) in assets under management and about 200 employees.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Andrew Reierson, Paul Dobson

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