Today, the Second bank of Switzerland employs 52,000 people. By 2025, there should be 43,000. The job losses will be realized both through natural run-offs and naked layoffs. In the last three months of the year alone, 2,700 jobs will disappear. The costs should be reduced by 15 percent. To finance the restructuring, the bank plans a capital increase of around 4 billion Swiss francs. The Saudi National Bank, not to be confused with the Central bank of the Gulf state, will already take 1.5 billion francs for its account, which brings the stake to 9.9 percent. Crédit Suisse is targeting professional investors with the capital operation. Crédit Suisse will not only cut costs, but also plans, for example, a “radical” transformation of the Commercial Bank, the department where losses accumulate – more than 1.6 billion francs of loss before taxes in the period January-September. A large part of the capital-intensive so-called securitised products (converting loans into securities, etc.) is sold to a consortium led by Apollo, an unlisted investor.
