End-of-2015 expense savings targets.
The Schweiz am Sonntag said Hans-Ulrich Meister, co-head of Credit Suisse's private bank, is working on a plan to cut up to 500 positions worldwide, of which around half could be lost in Switzerland.
Citing unsourced 'information', the paper said the bank's Swiss units must specify this week how they will contribute to the cost-savings programme and which positions in the private banking business should be axed.
In the meantime, Bloomberg reports that Credit Suisse is sticking to its original cost-cutting plan and hasn’t set job-reduction targets, according to spokesman Marc Dosch.
'The numbers in the report are speculation', Dosch in Zurich said by e-mail. 'Credit Suisse has been working on efficiency measures for some time. We have announced end-of-2015 expense savings targets. We are executing on this program, but there is no headcount reduction target'.