Credit Suisse considering 5,000 job cuts - report

Credit Suisse is reportedly considering cutting around 5,000 jobs as part of a cost reduction drive.

Reuters said on Friday that the bank declined to comment beyond repeating that it would give an update on its strategy review with its third-quarter earnings, and saying that any reporting on outcomes was speculative.

It was understood the discussions about job cuts are ongoing and the number of reductions could still change. Swiss newspaper Blick reported earlier that more than 3,000 jobs would be shed.

Credit Suisse has already said it will cut costs below CHF15.5 bn in the medium term, versus an annualised CHF16.8bn this year, Reuters said. So far, it has not outlined job cuts.