Top firm signals era of cost-cutting and job dismissals may soon be over

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Credit Suisse signaled the era of cost-cutting and job dismissals may soon be over, telling employees that the bank will emphasize businesses that generate higher returns in its next strategic plan.

Bloomberg News reports that work on a blueprint for 2018 to 2020 began this month after the bank moved up a strategy meeting between executives and directors to June from the usual time of late August, according to an internal memo seen by Bloomberg and confirmed by the bank.

Credit Suisse is midway through a three-year overhaul reorganizing operations around wealth management and emerging markets. Capital generation has been the thrust so far, with the bank cutting thousands of jobs, slashing operating expenses and selling riskier assets. The bank said it’s now and a higher stock price.

“Looking beyond 2018 we agreed there would continue to be significant value creation opportunities available to a restructured Credit Suisse,” Chief Executive Officer Tidjane Thiam wrote. “That would translate into a growing valuation of Credit Suisse as we continue to allocate more capital towards businesses that will generate higher returns and are more capital efficient.”

Hit the link below to access the complete Bloomberg News article:

Credit Suisse Signals End to Era of Cutbacks, Job Dismissals

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