Credit Suisse announces 'radical restructuring' to create a 'more stable bank'; to slash 9,000 jobs
Credit Suisse
After incurring huge third quarter losses, Credit Suisse has announced a string of radical measures to turn around the fate of the bank. Itplans torevamp its investment banking unit and will alsoslash9,000 jobs, besidesraising fresh capital. Switzerland's second-biggest bank has launched a strategic review which intendsto create "a simpler, more focused and more stable bank".
"Over 166 years, Credit Suisse has built a powerful and respected franchise but we recognise that in recent years we have become unfocused," chairman Axel Lehmann said in a statement.
"A radical strategy and a clear execution plan to create a stronger, more resilient and more efficient bank with a firm foundation, focused on our clients and their needs" are the focus areas, Lehmann said.
The Zurich-based bank announced plans for a"radical restructuring" of its investment bank, an "accelerated cost-cutting effort", and "strengthened and reallocated capital". It said that "all of it are designed to create a new Credit Suisse".
It also intends to raise capital worth four billion Swiss francs ($4 billion) through issuing new shares to qualified investors, including Saudi National Bank. The latter hascommitted to investing up to 1.5 billion Swiss francs to gain ashareholding of up to 9.9 per cent.
The bank had earlier announced a third quarter net loss of 4.034 billion Swiss francs.
&im=FitAndFill=(700,400))
Why Russian tanks are much lighter compared to US tanks
)
What’s happening in Nepal? How did a local clash turn into communal violence? WION Decodes
)
Tamil Nadu leader Udhayanidhi Stalin draws severe backlash over derogatory remark against Trisha
&im=FitAndFill=(700,400))
Why Russian fighter pilots wear blue flight suits compared to US pilots
)
Bombay High Court canteens inspected after judges question Maharashtra FDA's 'selective' crackdown
&im=FitAndFill=(700,400))
Meet top 5 bowlers in latest ICC T20I rankings 2026 - check who sits at the top
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Multiple WhatsApp accounts, including in India, are under review for 24 hours. Here’s why
)
Who is Devendra Nath Mahto, Jharkhand’s 'Sonam Wangchuk' fasting for protesting students?
)
Wipro's margins fall to 15-quarter low as AI investment eats into profit
&im=FitAndFill=(700,400))
Meet top 5 bowlers in latest ICC ODI rankings 2026 - check who sits at the top
&im=FitAndFill=(700,400))
7 longest flights in the world - Singapore, Qantas, Qatar and others
)
'He is courageous leader': DK Shivakumar after TN CM Vijay postpone his Cauvery-related Karnataka visit
)
Influencer killed on livestream: Mexican cartel boss' son asked dad to kill woman who broke up with him
)
22 children dead, 35 infected: India's Gujarat faces Chandipura virus outbreak — Experts explain symptoms
)
'I was almost trafficked in Paris,' says Australian woman, shares terrifying ordeal - 'I am on the black market'
&im=FitAndFill=(700,400))
'Fifth-generation fighters': Can the S-400 shoot down an F-35?
)
Why did India turn down the US offer for F-35 fighter jets? EXPLAINED
)
PM Modi expected to visit Kyrgyzstan and Uzbekistan as India firms up Central Asia ties
&im=FitAndFill=(700,400))
How often does an S-400 need maintenance?
&im=FitAndFill=(700,400))
New OTT releases this week (August 3-9, 2026): Main Vaapas Aaunga, Uyir, Operation Safed Sagar- 6 titles coming on Netflix, Prime Video and more
&im=FitAndFill=(700,400))
Meet top 5 batters in latest ICC Test rankings 2026 - check who sits at the top
)
DMK leader Udhayanidhi Stalin detained over 'double-meaning' Trisha remark in Vijay's Tamil Nadu
)
Scientists find descendants of ancient sea creatures trapped under Antarctica's Blood Falls
)
WI vs PAK, 2nd Test: Shafique and skipper Babar lead fightback with unbroken 168-run stand on Day 2
)
'Crass, cheap and deeply derogatory:' Internet slams Udhayanidhi Stalin over his 'double-meaning' remark on Trisha
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
&im=FitAndFill=(700,400))
Can an S-400 detect a bird?
&im=FitAndFill=(700,400))
Why are iPhones so expensive compared to Android phones?
&im=FitAndFill=(700,400))
Meet top 5 bowlers in latest ICC Test rankings 2026 - check who sits at the top
)
India avoids higher US tariff, secures lower 10% rate. Here's how
&im=FitAndFill=(700,400))
Why Russian jets use heavier steel compared to US jets
)
Trump, Putin kissing in Amsterdam? Pride parade’s ‘couple’ goes viral | WATCH
)
Pakistan minister admits ‘system has collapsed’, Munir pushes for more provinces | Gravitas
Credit Suisse shares slid on the announcements, opening down 7.26 per cent on the Swiss stock exchange's main SMI index at 4.417 Swiss francs.
Meanwhile, itis nearing a deal to sell its securitized-products group to investors Apollo Global Managementand Pacific Investment Management Co,Reuters reported.
The consortium including Pimco, a big bond manager, and Apollo, a large alternative asset manager, beat out a group comprised of Centerbridge Partners and Martello Re Ltd., a life and reinsurance company, the WSJ report added.
