Credit Suisse to extend global job cuts from next week
Credit Suisse is planning a fresh round of job cuts at the global wealth management business starting next week, adding to dismissals that already started at the investment bank. The Swiss lender is preparing to notify affected personnel, mostly support staff and investment advisors at this stage, as soon as Monday.
In Asia Pacific, some wealth teams could see cuts of about 10 per cent of headcount, two people said. The Swiss firm last week announced a sweeping overhaul, seeking to shave $2.5 billion off its cost base. As part of the plans, the bank said it started 2,700 job cuts in the fourth quarter and is aiming to reduce about 9,000 positions by 2025.
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