Credit Suisse plans to cut 300 jobs as it merges retail and private-banking units in Switzerland, Hans-Ulrich Meister, who heads business in the country, said in a memo.
Bloomberg reports that the merger will take effect January 1st and the new unit, named wealth management and private clients Switzerland, will be led by Christoph Brunner, Meister said in the memo, the contents of which were confirmed by Marc Dosch, a spokesman for Zurich-based Credit Suisse.
The move will save about $52.8m in annual costs.
In the meantime, Reuters reports that Deutsche Bank, on a international regulator's list of four banks that would pose the greatest risk to the global financial system if they collapsed, will never need to be bailed out, its co-Chief Executive said.
'We are not dangerous and we never were because we didn't need to ask the state for help and we will not do that in future either', Juergen Fitschen said at an economic conference in Hamburg.