Easy Afternoons 12:30pm - 4:00pm

Listen Live

Search

Credit Suisse: massive loss and job cuts

Thursday, 27 October 2022 07:20

Troubled Swiss bank, Credit Suisse has revealed a loss of CHF 4bn for the last quarter and says it will shed thousands of jobs over the next few years.

At a press conference this morning, the bank says it plans to make CHF 2.5bn worth of savings by 2025. That’s up from initial estimates of around a billion. 

The bank’s chairman, Axel Lehmann is admitting the bank has been unfocussed in recent years. 

2,700 jobs will go this year – but 9,000 over the next three years. 

The bank hopes most of the losses can be through natural wastage – retirements and resignations. 

 

 

Share

More from Bitesize News

  • Crans Montana hearings continue

    The former Crans-Montana councillor in charge of security between 2017 and 2020 has been questioned for the first time by Valais prosecutors over the Constellation fire on New Year's Day

  • SBB need financial answers

    Federal Railways have backed Transport Minister Albert Rösti's Transport'45 plan but warn that current funding is not enough to deliver its promised upgrades

  • UNHCR warning

    Geneva-based UNHCR warns that shrinking international aid could leave 8.3 million refugees and displaced people without protection this year

  • New immigration tax

    The Upper house has voted to introduce a new incentive tax on immigration, going further than the Federal Council proposed

  • Fuel most expensive in the country

    Fuel prices between Lausanne and Geneva differ by only a few centimes, and Lake Geneva remains the most expensive region in Switzerland to fill up

  • Twint scam warning

    Switzerland has launched a national campaign to help the public spot online scams that exploit the Twint payment app

Follow WRS

Download our app

  • Available on the App Store
  • Available on Google Play