Credit Suisse Cuts 13% Of Its Workforce

Credit Suisse has reduced its workforce by nearly 13% in the past 12 months, highlighting the turmoil at the bank, which was taken over by cross-town rival UBS (UBSG.S) in a government-backed rescue earlier this year, John Revill reported for Reuters.

The pace of job losses accelerated throughout 2023, with 4,012 people leaving the bank in the first half of this year, compared to 928 in the last six months of 2022. I Photo: Credit Suisse Careers Facebook

According to the bank's financial report published on Friday, the number of Credit Suisse employees decreased from 38,908 at the end of June 2022 to 33,968 at the end of June this year.

The pace of job losses accelerated throughout 2023, with 4,012 people leaving the bank in the first half of this year, compared to 928 in the last six months of 2022.

These figures pertain to Credit Suisse AG, the bank's core banking business, and do not encompass the services division, which employs around 10,000 individuals in areas like human resources and IT.

Some of the job losses could include individuals who left as part of Credit Suisse's cost-cutting initiatives before the takeover or those who departed due to declining confidence in the bank.

Additional job cuts may be on the horizon, as UBS announced in August its plans to eliminate 3,000 jobs in Switzerland alone at the expanded bank.

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