Bloomberg - C Suisse said to tell some teams to consider leave of absence or sabbaticals

Credit Suisse has told some teams in Switzerland to consider taking a leave of absence or a sabbatical, adding to signs that the bank’s Swiss unit is under pressure to meet targets for the year, people with knowledge of the matter said.

Bloomberg News reports that bankers were told now is the ideal time for an unpaid or extended absence as the Swiss Universal Bank division, led by Thomas Gottstein, seeks to cut 1,600 positions by the end of the year under a three-year plan, the people said, asking not to be identified because the discussions were private. The measures are part of a plan to cut costs and should be also seen in the light of saving jobs, one of the people said.

Credit Suisse said in an e-mailed statement that it doesn’t actively encourage its employees to take an unpaid leave for cost reasons, without commenting further.

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

Credit Suisse Tells Some Staff It’s Sabbatical Time

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