Credit Suisse Planning More Swiss Job Cuts, SamS Reports

  • Cost-savings program to be announced on Dec. 7 investor day
  • Newspaper says 1,000 to 1,300 Swiss positions on the line

Credit Suisse Group AG is preparing a new cost-savings program that puts as many as 1,300 jobs in Switzerland on the line, according to Schweiz am Sonntag.

The plan will be announced Wednesday, when the lender holds its investor day in London, the newspaper said, without saying where it got the information. Credit Suisse’s Swiss unit may slash an additional 1,000 to 1,300 positions, or about eight to 10 percent of the unit’s workforce, it said.

Credit Suisse didn’t immediately respond to a request for comment. When the bank announced an overhaul last year, the bank said it would eliminate 1,600 jobs in Switzerland.

Chief Executive Officer Tidjane Thiam is under pressure to deepen cost cuts. The bank 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.

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