Credit Suisse, the second-biggest bank of Switzerland, has to cut costs and has now started to execute its plans. Several hundred of its bankers in the City will have to look for new jobs, according to a newspaper report.
The writing was on the wall: Some 1,800 employees of Credit Suisse have now been told that their jobs will be eliminated, according to a report by the «Financial Times» (by subscription only) today.
The job cuts are a consequence of the new strategy of the bank, which was presented in October 2015 by chief executive Tidjane Thiam. He said that he needed to save some 3.5 billion francs per year. To achieve this, some 1,600 Swiss jobs may also have to go.
Relocation to Dublin
The reduction of operations in the City has already started a few weeks ago, with job cuts in the fixed income unit. Thiam also wants to relocate some activities from London – in trading and at the back office – to cheaper cities such as Dublin.
