Just days after it was reported that Credit Suisse was handing out hundreds of millions to retain talent, the firm is now reportedly mulling mass layoffs, with “thousands of roles globally” at risk of being cut.
The bank is looking to cut its overall cost base by $1 billion, Bloomberg reported this week. This could include an “aggressive plan” to reduce its headcount of more than 51,000 workers.
The bank is “examining inefficiencies in the bank’s middle and back office in addition to the efforts to reshape its investment bank,” the report says, and is expected to finalize plans for the cuts over the next two quarters.
Several thousand roles could be cut over a number of years, according to people familiar with the matter.
The bank told Bloomberg: “We have said we will update on progress on our comprehensive