Credit Suisse considers fresh round of job cuts as losses mount: Report

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.

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