Credit Suisse plans 3,200 job cuts in Zurich – Blick paper

Credit Suisse (CSGN.S) plans to cut 3,200 jobs in Zurich as part of a cost-cutting drive at the bank, Swiss newspaper Blick reported on Thursday, citing an unnamed company source.

German newspaper Handelsblatt said up to 4,000 jobs could be cut, including a significant part at its headquarters in Zurich, citing unnamed sources familiar with the cost-cutting plans.

“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 in response to the reports.

Credit Suisse in July named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses.