As with other banks, layoffs at Credit Suisse were subject to the corona pandemic lockdown phase. Now CEO Thomas Gottstein announced that in the medium term there would be fewer staff.
According to the Credit Suisse boss Thomas Gottstein With him and with the big bank, the daily routine gradually returns to normal. Gottstein said in an interview with the “Neue Zürcher Zeitung” that the teams would now be returned to their jobs in a gradual process.
However, Gottstein indicated that some jobs will probably no longer be needed in the future. At first, this statement by the CS-CEO related to the office space of the big bank. The fact that the required office space would decrease in the future would be a consequence of the work from the home office prescribed in the corona lockdown. “On average, our employees will in future increasingly work from home,” said Gottstein. “The first estimates go in the direction of 10 to 20 percent of the working time.”
CS remains in the black
Not only would the banks need less office space, but the service sector as a whole.
While massive job losses threaten the entire economy due to the lockdown, which lasted almost two months, Gottstein made no specific statements in this regard. The CS had suspended partial job cuts during the lockdown.
Gottstein did say that he does not expect the CS to slide into the red in the current year. However, he had previously stated that a precise forecast could not be made at the moment.
Fewer staff in the medium term
Due to the looming recession, observers see a massive job cuts in the banking landscape. At CS, Gottstein will continue to invest in technology, which he says will also affect the number of employees. “In the medium term, we will certainly get by with fewer staff – above all because we will continue to automate the business.”
The one in February for Tidjane Thiam Gottstein has the same problem as its predecessor: CS’s share price is on the floor. “For the share price to rise, we have to deliver good results quarter by quarter.” In the coming months, cost control will play a more important role at CS – as at other banks – than before.
Will UBS and Credit Suisse merge after the Corona crisis?
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Yes, because they will not be able to bear their high costs on their own.
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Yes, there will be cooperation in some areas.
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UBS will swallow Credit Suisse.
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Credit Suisse will swallow UBS.
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No, both banks will still be independent in five years.
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