Credit Suisse is considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter, SonntagsZeitung reported, citing senior sources.
The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann/File Photois considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter, SonntagsZeitung reported, citing senior sources.
Managers and the board of directors are now discussing a new, large cost-saving plan, a second executive told the paper in an article published on Sunday."The cost structure is too large for the bank's revenue potential." Discussions on the cuts are at an advanced stage, the paper said, though it is uncertain whether they will be announced when Credit Suisse reports second-quarter earnings on Wednesday.The bank warned in June that it would post a loss for the quarter, its third in a row.The lender said then that it was aiming to accelerate cost-saving measures introduced as part of its reorganisation last November.
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