Credit Suisse announces ‘radical’ restructuring with Saudi backing

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220608040047 01 credit suisse profit warning hp video Credit Suisse announces 'radical' restructuring with Saudi backing

CNN Business

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.

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