Banking giant

According to the chairman, Axel Lehmann such move is a success blueprint. As per its restructuring plan, Credit Suisse wants to introduce around 4 billion dollar as new capital. The workforce will go down from 52,000 to 43,000 by 2025 and this year will witness 2,700 jobs getting vanished

The banking giant, Credit Suisse (CS) announced that at around 9,000 posts would vanish in the coming three years. However, it did mention details about posts and place where the cuts would occur. According to the chairman, Axel Lehmann such move is a success blueprint.

The news was not appreciated by the investors which resulted in falling of its share price by over 13 per cent after this announcement. As per its restructuring plan, Credit Suisse wants to introduce around 4 billion dollar as new capital. The capital worth 1.5 billion dollar out of 4 billon dollar will be provided by the Saudi National Bank.

Credits Suisse aims at off-shooting the investment arm of the bank in order to relaunch CS First Boston. Its second focus is on reducing some of the higher-risk businesses which it finds itself in. The workforce will go down from 52,000 to 43,000 by 2025 and this year will witness 2,700 jobs getting vanished.

Having its primary roots in Switzerland, Credit Suisse has a prominent presence in London, with around 5,500 employee strength in the UK. The job cuts will bring down the costs by 15 per cent by 2025. Also, it will be setting up a unit which would keep high-risk assets it wants to shut down.