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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.