Credit Suisse is considering a new round of job cuts and other measures aimed at reducing costs, according to a report in the SonntagsZeitung.
Discussions between the board and management over a major cost-saving package have reached an advanced stage, according to the Swiss newspaper, which cited unnamed sources. It remains unclear when an announcement will be made, the newspaper said.
A spokesman for Credit Suisse did not immediately respond to requests for comment, Bloomberg reports. The company plans to report second-quarter financial results on Wednesday.
Last month, Switzerland’s second-biggest bank warned that its second-quarter results were affected by the withdrawal of customers, particularly in Asia. The bank then announced two dozen job cuts as part of an overhaul of its investment bank in Asia.
Under Chief Executive Thomas Gottstein, the bank has weathered a $5.5 billion hit from Archegos, the collapse of partner Greensill Capital and several setbacks that eroded investor confidence, weakened core businesses and caused an exodus of talent.
Source: Capital
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