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Credit Suisse weighs cutting around 5,000 jobs – source

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ZURICH — Credit Suisse is weighing plans to eliminate around 5,000 jobs across the group — around one job in 10 — as part of a cost-cutting drive at the bank, a source with direct knowledge of the matter told Reuters.

The discussions are ongoing and the number of reductions could still change, the person said.

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The bank declined to comment beyond its previous remark that it would give an update on its comprehensive strategy review with third-quarter earnings and that any reporting on potential outcomes before then was speculative. Credit Suisse in July named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses. (Reporting by Oliver Hirt, writing by Michael Shields; editing by Elisa Martinuzzi and John O’Donnell)

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