Credit Suisse to axe 540 jobs across Switzerland by the end of 2022

The restructuring plan also includes the raising of some 4 billion Swiss francs through the issuance of new stock, in particular through Saudi National Bank, which "is a shareholder as any other."
© CdT/Gabriele Putzu
Dina Aletras
01.11.2022 03:02

Credit Suisse intends to eliminate 540 jobs in Switzerland by the end of the year. "We will close 2,700 jobs worldwide, 20 percent of which will be in Switzerland, by the close of Q4 2022," the bank's CEO Ulrich Körner said today.

The bank announced this week as part of its restructuring that it will cut 9,000 jobs globally, including 2,000 in the Confederation. The restructuring plan also calls for raising about 4 billion Swiss francs through the issuance of new shares, mainly thanks to Saudi National Bank (SNB), Saudi Arabia's largest commercial bank, which has pledged 1.5 billion Swiss francs, or 9.9 % of the share capital.

The latter is expected to thus become Credit Suisse's largest shareholder and should enable the bank's solidity to be reinforced. This move should have no influence on the identity of the institution, Körner reassured in an interview with the Sunday newspaper NZZ am Sonntag. Shareholders have no bearing on the direction of the group or its ethical principles, the CEO clarified. "Saudi National Bank is a shareholder like any other, an important shareholder of course."

The date when Credit Suisse will transfer its capital markets and consulting business to the new corporate entity CS First Boston is not yet known. "Credit Suisse will definitely own a controlling interest in the initial phase," Körner explained, "maybe there will be a stock market entry eventually."