A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland on Nov 23, 2022.ZURICH - Credit Suisse is looking for ways to accelerate cost cuts announced just weeks ago as client outflows and a slowdown in activity weigh on its revenue outlook, three people with knowledge of the talks said.
Credit Suisse is cutting about 5per cent of its private banking headcount in the Asian financial hub of Hong Kong, two of the sources said, targeting mainly mid and junior level bankers, in cuts that go deeper than reductions outlined before.Credit Suisseit intends to reduce its cost base by around 2.5 billion Swiss francs to about 14.5 billion in 2025.
It had said it would eliminate 2,700 jobs starting in the fourth quarter as it scales back its scandal-hit investment bank to increase its focus on wealth and asset management.However, the loss-making bank has seen clients pull 6 per cent of assets under management in the six weeks through Nov 11, a drain that had led to the liquidity at some of its entities drop below regulatory requirements. The outflows also hit revenue.
Credit Suisse shares fell to a fresh record low on Thursday nearing the offer price of the 2.24 billion Swiss franc rights issue needed to help stabilise its finances.
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