March 23, 2014 / 11:51 AM / in 4 years

Credit Suisse could cut up to 500 jobs at private bank - report

ZURICH, March 23 (Reuters) - Credit Suisse could cut up to 500 jobs at its private bank as part of a cost-saving drive, a Swiss newspaper reported on Sunday.

The Schweiz am Sonntag said Hans-Ulrich Meister, co-head of Credit Suisse’s private bank, is working on a plan to cut up to 500 positions worldwide, of which around half could be lost in Switzerland.

Citing unsourced “information”, the paper said the bank’s Swiss units must specify this week how they will contribute to the cost-savings programme and which positions in the private banking business should be axed.

A spokesman for Credit Suisse said the number of job cuts cited in the report was speculation.

“Credit Suisse has been working on efficiency measures for some time. We have announced end of 2015 expense savings targets. We are executing on this programme but there is no headcount reduction target,” the spokesman said.

At the end of the fourth-quarter of last year, The Zurich-based bank had generated 3.1 billion Swiss francs ($3.5 billion)in cost-savings as part of plans to reduce costs by over 4.5 billion francs by the end of 2015.

$1 = 0.8838 Swiss Francs Reporting by Caroline Copley

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