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Credit Suisse starts another round of job cuts

Credit Suisse has started notifying personnel affected by another round of job cuts in the global wealth management business. These personnel are mostly support staff and investment advisors. The fresh round of job cuts would start this week while some wealth teams in Asia Pacific could also see cuts of about 10% of the total headcount. The Swiss lender earlier announced a sweeping overhaul, seeking to shave 2.5 billion francs (HKD19.66bn) 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. Dismissals in markets and investment banking will continue this week, and as many as 900 client-facing jobs at the unit could be affected globally.

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