C Suisse said been cutting jobs

Ronnie Sweating Large

Part of an overhaul that sees the bank focusing more on wealth management.

Credit Suisse is cutting about 175 jobs in London this week to lower costs, part of its overhaul that sees the bank focusing more on wealth management, according to three people with knowledge of with the matter.

Bloomberg News reports that the measures will bring the bank closer to a previously announced goal of eliminating about 6,000 jobs this year and scale back the global markets business, said one of the people, who like the others asked not to be identified because the information is private. A large number of Credit Suisse’s employees in London work in the investment bank.

In the meantime, Reuters reports that Credit Suisse's newly minted bank will be held up to the same capital standards as its global parent, Switzerland's State Secretariat for Financial Matters (SIF) said on Thursday.

As a subsidiary of a global systemically important bank (GSIB), the Swiss unit - which launched as Credit Suisse (Schweiz) in November - will need to keep at least 10% of risk-weighted assets in common equity tier 1 (CET1) capital, SIF said.

Credit Suisse Said to Cut 175 London Jobs Ahead of Investor Day

Credit Suisse's Swiss spin-off faces same capital rules as group

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts