EMCC European Monitoring Centre on Change

Credit Suisse

Company/Organisation:
Credit Suisse

Geographic Location

Country: World

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 50700

Employment Effects

Announcement Date: 28-07-2011
Planned Job Reductions min: 2000
Planned Job Reductions max: 2000
Type of Restructuring: Internal restructuring

Additional Information

The bank Credit Suisse has announced that it will shed 2,000 jobs worldwide. This is due to poorer than a unexpected performance in the second quarter of the year. The cuts occur after an aggressive period of hiring which had been originally intended to create an advantage over its competitors, which had been weakened as a result of the financial crisis. Approximately 500 job losses will occur in Switzerland and the others will occur in all locations where the bank has branches.