Credit Suisse announces ‘radical’ restructuring with Saudi backing
Credit Suisse will raise $4 billion to step back from Wall Street and double down on managing the finances of the world’s wealthy, the scandal-plagued Swiss bank said on Thursday.
The company unveiled a “radical” turnaround plan that it said would leave it “a stronger, more resilient and more efficient bank.” The effort means it will slash 9,000 full-time jobs by the end of 2025, with 2,700 cuts to come shortly.
“This is a historic moment for Credit Suisse,” CEO Ulrich Körner said in a statement.
The lender said it already had a commitment of up to $1.5 billion from the Saudi National Bank, which would give it a stake of just under 10%.
— This is a developing story and will be updated.