Credit Suisse Warns On Q2 Loss, Mulls Workforce Reduction To Save Costs

  • Credit Suisse Group AG CS is looking for another round of job cuts to manage costs after warning of a second-quarter loss, Bloomberg reported citing people familiar with the matter.
  • The people said that the bank is mulling headcount reductions across divisions and regions. Final numbers are still to be decided, they said. 
  • The dismissals come ahead of the bank's update to investors on risk, compliance, technology, and wealth management on June 28.
  • Related: Credit Suisse Gets Ready For Another Round Of Management Shakeup: WSJ.
  • Credit Suisse warned it expects a loss at the group-wide level and its investment bank in the second quarter. Market conditions have remained challenging after the invasion of Ukraine and monetary tightening by central banks across the world, leading to weak customer flows and ongoing client deleveraging.
  • "Given the economic and market environment, we are accelerating our cost initiatives across the Group to maximize savings from 2023 onwards," Credit Suisse said, without providing more details.
  • Price Action: CS shares are down 6.77% at $6.94 during the premarket session on the last check Wednesday.

Posted In: BriefsEarningsNewsGuidanceMoversTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.