Credit Suisse to Cut 5,000 Jobs as Banking Giant Looks to Save $1 Billion in Costs - Report

Banking giant Credit Suisse is cutting as many as 5,000 jobs as part of stringent cost-cutting measures, Reuters reported. Thousands of Zurich-based positions will come under the axe in the jobcuts planned by new boss at the Swiss bank, Ulrich Koerner.

Series of Quarterly Losses

The jobs lost will comprise about 10 percent of the bank's entire workforce, according to the report. Meanwhile, German newspaper Handelsblatt reported that the number of jobs lot a the bank will be around 4,000. Most of the job cuts will happen at the bank's headquarter, according to the report.

Credit Suisse
Credit Suisse Twitter

"We have said we will update on progress on our comprehensive strategy review when we announce our third quarter earnings ...Any reporting on potential outcomes before then is entirely speculative," a bank spokesperson said, according to Reuters.

Credit Suisse aims at saving $1 billion in costs through this round of job cuts, after it suffered a series of quarterly losses. Bloomberg had reported earlier, citing Deutsche Bank, that Credit Suisse had a capital gap of at least $4.1 billion.