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Credit Suisse Weighs Cutting Thousands of Jobs in Turnaround Bid

Aug. 4, 2022, 10:07 AM

Credit Suisse Group AG executives are discussing reducing thousands of roles globally as the struggling European lender seeks to slash its overall cost base by an additional $1 billion.

The bank, which began trimming front line roles in Asia last month, is mulling an aggressive plan to reduce its headcount, which stood at 51,410 at the end of June, said people familiar with the matter, who asked not to be identified discussing personnel matters.

Credit Suisse is expected to finalize its plans over the next couple of months and is examining inefficiencies in the bank’s middle and back office in ...