Credit Suisse (CSGN.S) is considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter.
Managers and the board of directors are now discussing a new, large cost-saving plan. Credit Suisse has previously described 2022 as a “transition” year. Which it is trying to turn the page on costly scandals that brought a near-total reshuffle of top management.
Discussions on the cuts are at an advanced stage, the paper said, though it is uncertain; whether they will be announced when Credit Suisse reports second-quarter earnings. The bank warned in June that it would post a loss for the quarter, its third in a row.
The lender said then that it was aiming to accelerate cost-saving measures introduced as part of its reorganisation last November. Analysts expect a reported net loss of 398 million Swiss francs ($414.02 million) for the quarter, Refinitiv data shows.
Among its woes was a $5.5 billion loss on the default of U.S. family office Archegos Capital Management and the shuttering of $10 billion of its supply chain finance funds.
–Reuters.
