Credit Suisse has dismissed as media speculation reports that the Zurich-listed banking group is axing another 500 jobs in its private banking arm.

Credit Suisse has dismissed as media speculation reports that the Zurich-listed banking group is axing another 500 jobs in its private banking arm.

“Credit Suisse has been working on efficiency measures for some time. We have announced end-of 2015 expense savings of over SFr4.5 billion ($5.08 billion). We are executing on this programme but there is no headcount reduction target. Therefore the numbers in the report are speculation,” a spokesperson told this publication in an emailed statement.

A report in the Swiss newspaper, Schweiz am Sonntag said the co-head of Credit Suisse's private bank Hans-Ulrich Meister is thinking of cutting 250 jobs in Switzerland while the remaining amount of headcount will be cut from other parts of the world. The report quoted unnamed sources.

Last year, among a number of changes, the bank sold its onshore German private bank to ABN AMRO; it also sold its London-based Clariden Leu (Europe) business, while it has bought part of the non-US wealth management arm of Morgan Stanley.