Switzerland’s Second-Biggest Bank Credit Suisse Is On Reduction Drive
As per the Reuters report the Second largest Bank Credit Suisse of Switzerland is planning to lay off 5,000 employees for their cost-cutting vision. This mass firing in the company shows the financial and credit turbulence that company is facing right now. And in order to bring stabilisation in the company led by scams, The newly appointed CEO Ulrich Koerner came out with this plan.
Due to the financial crunch that Switzerland’s second-biggest bank is facing, they consider 2022 as a ‘’Year of Transition’’. According to the previous reports, the bank was about to fall apart which was later declined by the bank’s upper authorities. The Zurich-based bank said it will cut costs below 15.5 billion Swiss francs ($15.8 billion) in the medium term, versus an annualised 16.8 billion francs this year.
As per the other reports the investment bank alone lost 1.12 billion Swiss francs before tax. The local newspaper Blick reported that the Swiss bank is going to lay off 3,000 jobs. After two years of loss, scandal, and plunging in the shares, Swiss bank has appointed Ulrich Koerner as a new CEO to lead the bank. The anticipation is high from him to cover up the loss caused by multiple reasons. The bank administration has concluded to cut off the cost by 5,000 jobs as a way to recover from the financial crisis.
In June 2022, Credit Suisse was also convicted of failing to stop money laundering by a Bulgarian cocaine trafficking gang, for which the bank was fined $2.1 million and still surviving against the conviction.
