November 15, 2018 / 12:49 PM / a year ago

Credit Suisse denies plans for a new wave of job cuts

FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

ZURICH (Reuters) - Credit Suisse (CSGN.S) denied on Thursday a news report saying it was planning a new wave of job cuts.

“The notion that we are weighing hundreds of active job cuts is unfounded,” a bank spokesman said in an email in response to a report by the Bloomberg news outlet of just such a move.

Switzerland’s second-biggest bank is wrapping up the final phase of cutting 1,600 positions in a three-year revamp that Chief Executive Tidjane Thiam launched in 2015.

“In 2019 and beyond we will continue to invest in talent as we aim to further grow revenues in our Wealth Management and Investment Banking businesses,” the spokesman said.

Two people familiar with matter told Reuters that Credit Suisse had weeks ago announced a last batch of the cuts announced in 2015.

Credit Suisse has put more emphasis on wealth management and less on capital-intensive investment banking under Thiam’s reorganizations. It expects to post a profit this year, its first since 2014.

Reporting by Angelika Gruber and Oliver Hirt; Writing by John Miller and Michael Shields; Editing by Mark Potter

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below