Credit Suisse considers job cuts after loss warning amid State Street takeover bid report – The National

Credit Suisse considers job cuts after loss warning amid State Street takeover bid report – The National

Credit Suisse Group is considering a fresh round of job cuts, part of a renewed push to slash costs after warning of a second-quarter loss, according to people familiar with the matter.

The Swiss bank is considering headcount reductions across divisions including investment banking and wealth management in a number regions, the sources said.

After falling as much as 7.6 per cent on the profit warning, the stock reversed course, gaining as much as 4.8 per cent after Swiss blog Inside Paradeplatz reported that US-based State Street could make a bid for Credit Suisse, citing an “insider”.