Credit Suisse plans to cut 540 positions in Switzerland by the end of the year. “We are going to cut 2,700 jobs worldwide, including 20% in Switzerland, by the end of the fourth quarter of 2022,” bank boss Ulrich Körner said on Sunday.
The bank announced this week as part of its restructuring the loss of 9,000 jobs worldwide. No fewer than 2,000 jobs are affected in Switzerland.
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The recovery plan also provides for a major fundraiser, particularly from the Saudi bank Saudi National Bank. This will thus become the first shareholder of the Zurich establishment.
No impact on bank identity
A maneuver that will have no influence on the identity of the bank, assures Ulrich Körner in the German-speaking newspaper NZZ am Sonntag. The shareholders have no influence on the direction of the company nor on its ethical principles, he further specifies, “The Saudi National Bank is a shareholder like the others, a major shareholder of course”.
The date on which Credit Suisse will divest its capital markets and advisory businesses to the new entity CS First Boston is not yet known. “Credit Suisse will certainly have a majority stake in the start-up phase”, explains Ulrich Körner, “perhaps there will be an IPO at the end of the road”.