Credit Suisse

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
2,000 jobs
Number of planned job losses
Job loss
Announcement Date
28 July 2011
Employment effect (start)
Foreseen end date

Description

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.

Sources

  • 28 July 2011: Reuters
  • 28 July 2011: The Financial Times

Citation

Eurofound (2011), Credit Suisse, Internal restructuring in World, factsheet number 72254, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72254.