It is one of the most well-known banks in the world, but demands to reduce risk levels are prompting some serious job cuts at Credit Suisse Group.
The second largest bank in Switzerland, which has offices across Canada, including in Quebec, Alberta and Ontario, has taken the decision to dismiss a total of 163 workers.
Jobs in Canada are safe for now, however: as the cuts will take place across New York state. The dismissals will be carried out during May.
The plans were revealed as part of a statement to the Department of Labor last week. The move follows on from the decision of CEO Tidjane Thiam to build the firm’s wealth management business and shrink the company’s security operations in Asia with demand high from regulators for the company to increase its capital and reduce its risk levels.
According to a report last month, the company plans to implement around 4,000 job cuts worldwide.