D-day approaches for 3 big firms undergoing strategic reviews

Axe In Wood

Thousands of jobs cuts, business closures and billions in capital raising are all on the cards as the new bosses of three of big banks respond to pressure to devise new strategies to revive them.

Reuters reports that Credit Suisse CEO Tidjane Thiam, Deutsche Bank's John Cryan and Standard Chartered's Bill Winters are putting the final touches to their plans, which Thiam and Cryan will unveil next month and Winters is expected to deliver in early December.

All have been in charge roughly 100 days - a period when new chief executives typically formulate strategy after meeting investors, regulators, politicians, customers and staff.

Big job cuts loom in a bid to cut costs and improve profitability - their main target.

Cryan is to cut 23,000 staff, or about a quarter of headcount, mostly from disposals, sources told Reuters earlier this month.

Winters could axe several thousand, sources said, although they said no final decisions had been made and much will depend on disposals. Meanwhile Thiam has said he plans to use his engineering background to take a hard-nosed look at efficiency.

To access the complete Reuters article hit the link below:

Strategies in the spotlight for trio of new European bank CEOs

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