Crisis bank undergoes restructuring – Credit Suisse to cut 540 Swiss jobs by year-end – News

• Major bank Credit Suisse plans to cut 540 jobs in Switzerland by the end of the year.
• Worldwide, 2,700 jobs will be lost by the end of the year, CS President Ulrich Koerner told “NZZ am Sonntag.”
• Last week, CS announced a comprehensive restructuring in order to find a way out of the crisis.

“We will already be eliminating 2,700 jobs worldwide by the end of the fourth quarter of 2022, about 20 percent of which are in Switzerland,” Koerner said in an interview.

Half of the reduction should be done through natural fluctuations, Korner continues. As the big bank announced last week, it wants to cut about 2,000 jobs in Germany by 2025 as part of restructuring plans, and 9,000 worldwide.

Despite the new lead investor, the Saudi National Bank, Körner emphasized to CS “Swiss”: “The character of the bank is not affected in any way.” Shareholders have no influence on the company’s management or ethical principles. “The Saudi National Bank is a shareholder like everyone else — and it’s an important shareholder, of course,” says Korner.

It remains unclear when CS will relinquish control of the capital markets and advisory business, which is outsourced to Credit Suisse First Boston (CSFB). “In the start-up phase, CS will certainly have a majority stake. Perhaps the flight will eventually lead to an initial public offering,” Korner said.