Credit Suisse Could Axe 1,300 Swiss Jobs - Media Reports

Josh O'Neill

6 December 2016

is preparing a new cost-cutting programme that could put as many as 1,300 jobs in Switzerland in the firing line, according to a report by Bloomberg, citing Swiss news service Schweiz am Sonntag.

Full details of the Zurich-headquartered firm's plan will be released on Wednesday, when the lender holds its investor day in London, the Swiss newspaper claimed, without saying where it obtained the information.

Credit Suisse's Swiss division may cut an additional 1,000 to 1,300 positions, equal to around 8 to 10 per cent of the unit's workforce, Schweiz am Sonntag said.

When the group announced an overhaul of operations last year, Credit Suisse said it would axe 1,600 jobs in Switzerland.

Last week, the bank remained tight-lipped when asked by WealthBriefing about media reports that it has frozen dozens of accounts as it tries to determine if its clients are hiding money from the US Internal Revenue Service.

The lender did not respond to questions from this publication seeking comment at the time of going to press.