The embattled Swiss bank Credit Suisse plans to shed 540 jobs in Switzerland by the end of the year, Chief Executive Officer Ulrich Körner told the NZZ am Sonntag newspaper. In the interview he gave more details on last week’s restructuring announcement.
“We will cut 2,700 jobs worldwide, including 20% in Switzerland, by the end of the fourth quarter of 2022,” Körner told the NZZ am Sonntag newspaper on October 30.
On Thursday the bank unveiled major restructuring plans in an effort to recover from a run of heavy losses. It announced that it would cut a total of 9,000 jobs worldwide by the end of 2025 – including 2,000 in Switzerland – selling off parts of its business and raising billions in extra capital in a bid to reverse a downward spiral in fortunes.
Solidaritätsnetz International expresses its concern about the proper safeguarding of the rights of dismissed workers. We hope that the leadership of the Bank will provide the necessary procedural guarantees and payments.
In the event that the Credit Suisse violates its obligations to own employees, Solidaritätsnetz International will support them up to street protests.
Solidaritätsnetz International continues to monitor the situation.