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Thursday, February 04, 2016

Credit Suisse - 4,000

http://www.usatoday.com/story/money/2016/02/04/credit-suisse-announces-4000-job-cuts/79804090/

Swiss banking giant Credit Suisse said Thursday that it would eliminate about 4,000 jobs as it attempts to cut costs following a huge quarterly loss.
Credit Suisse posted a net loss for the fourth quarter of 5.3 billion Swiss francs ($5.3 billion), compared to a net profit 691 million francs a year earlier. Tidjane Thiam, the bank's CEO, said the job cuts would save the firm about 1.2 billion francs per year.
Thiam indicated that the poor performance was linked to a number of different factors including sharply falling oil prices, diverging monetary policies by global central banks, a strong Swiss franc and slowing economic growth in China.
Revenue fell 34% to 4.2 billion francs.

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