The bank’s new CEO is tasked with scaling back investment banking and cutting more than $1 billion in costs.
Credit Suisse is weighing plans to eliminate around 5,000 jobs across the group — around one job in 10 — as part of a cost-cutting drive at the bank, a source with direct knowledge of the matter told Reuters.
The bank declined to comment beyond its previous remark that it would give an update on its comprehensive strategy review with third-quarter earnings and that any reporting on potential outcomes before then was speculative.
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