Credit Suisse will continue with a large-scale cuts after reporting its first loss since 2008 with 1,800 to leave the bank’s offices in Canary Wharf .
They will be part of a global move to slash 4,000 jobs and rein in costs after the bank, under new chief executive Tidjane Thiam, reported a full year pre-tax loss of £1.6billion.
Mr Thiam said: “In London, I’m sure morale is not great. London has real cost challenges. We have put in London activities which should not be there and it’s my duty to shareholders to fix that. The world doesn’t limit itself to London.”
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Some £618million is being spent on “rightsizing its London presence” affirming Mr Tham’s perceived lack of affection for the capital.
The bank was hit by an unpredictable market, a drop in oil prices and a strong Swiss franc. The bank’s move from investment banking into wealth management has been hit by general market uncertainties.
Mr Thiam said: “Clearly the environment has deteriorated materially during the fourth quarter of 2015 and it is not clear when some of the current negative trends in financial markets and in the world economy may start to abate.”
Credit Suisse is increasingly looking to grow its presence in Asia and set itself a target of more than doubling the pretax profit there by 2018. Mr Thiam said the strategy was still on course despite the latest setbacks.
He said: “We have a clear strategy. We’re implementing it in difficult markets.”
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