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Banking

Credit Suisse exec: Swiss bank not main focus for cost savings

Credit Suisse exec: Swiss bank not main focus for cost savings 1

ZURICH (Reuters) – Credit Suisse’s Swiss unit has become more efficient and growth focused in recent years and will thus be hit less by restructuring and cost savings than other parts of the bank, its head said in a media interview published on Tuesday.

“The Swiss bank is healthy and profitable. At the same time, we want to become more and more efficient, also to finance our investments,” Andre Helfenstein, chief executive of Credit Suisse’s Swiss bank, said in an interview with online media Finews.

“We will also make some cuts within the broader cost savings programme, but overall we are not top of the list of priorities for adjustments,” he said.

Reuters reported earlier this month that around 5,000 jobs could be cut at Credit Suisse as part of a cost reduction drive.

Helfenstein said Credit Suisse – which has been hit by a string of scandals – had seen its reputation suffer with many customers asking how so many problems could surface in a row.

But he said the Swiss bank had done a good job with solid profits last year and in the first half of 2022. Money inflows in wealth management showed Switzerland was still considered a safe haven and the business with corporate clients was also doing well.

Regarding Credit Suisse’s work-from-home policy, he said he considered about 30% of work done from home as a good ratio for the Swiss bank.

 

(Reporting by Silke Koltrowitz, editing by Rachel More, Kirsten Donovan)

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