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Credit Suisse office Zurich, hr

6,500 layoffs at Credit Suisse as banks continue to cut costs

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Up to 6,500 jobs will be lost at Credit Suisse this year. The bank announced the restructuring after it reported a US$2.43 billion net loss for 2016.

The cuts were announced by chief executive Tidjane Thiam during a news conference on Tuesday, and are part of an on-going cost-cutting drive, Reuters reports. Thiam said between 5,500 and 6,500 jobs will be lost.

According to Reuters, the bank didn’t specify where the jobs would be lost, but did confirm they would include contractors, consultants, and staff.

Last year, 7,250 jobs were cut at the bank, mostly among investment bankers in New York and London. By the end of 2016, Credit Suisse employed a total of 47,000 people globally.

RBS

Another bank that’s reportedly continuing its ongoing cost cutting measures this year is Royal Bank of Scotland. Last weekend, the Sunday Times reported RBS is planning to cut as many as 15,000 jobs as part of new measures that will include the closing of branches.

The cuts are expected to be part of a nearly US$1 billion cost-cutting plan the bank is set to present at the end of this month. RBS has not confirmed the cuts and said it “did not recognise” the number, the Financial Times reports.

ALSO READ: Credit Suisse tells staff to stop work by 7pm on Fridays

Photo / Credit Suisse

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