The bank, which began downsizing its frontline positions in Asia last month, said it is considering a plan to downsize. Bloomberg Sources familiar with the case. The bank had a total of 51,410 employees at the end of June.
Sources said Credit Suisse is expected to finalize its plans in the next few months, and in addition to strategically shifting the investment bank’s transformation, the bank is also looking into shortcomings in back-end operations. Estimated cancellation of thousands of roles over several years – The sources said that the plans are preliminary and no final decision has been taken yet.
Possibly the biggest wave of layoffs since former CEO Tidjan Thiam cut nearly 6,000 positions at the company in 2016 due to unexpected losses in trading positions. Credit Suisse last week appointed head of wealth management and former UBS president Ulrich Koerner to lead the bank, replacing Thomas Gottstein, to return the bank to profitability after scandals.
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