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Layoffs Watch '16: Credit Suisse Has A Dream

And it's going to need lots of employees' help to achieve it, by boxing up their things and leaving the building (forever).
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That dream is to not only not have another quarterly loss of nearly $6 billion, but to-- against all odds-- make a whole buncha money over the next several years. That's where 4,000 of Credit Suisse's finest come in.

Thiam signaled confidence in his target of more than doubling pretax profit by 2018, which he wants to achieve by shrinking the volatile trading business and building up wealth management in Asia. Citing the “particularly challenging environment” since he announced a strategic overhaul in October after his appointment as CEO, Thiam said he would accelerate staff reductions, with 4,000 jobs cut by the end of this year. “The problem is that he set some really demanding targets, and he’s now having to adapt to perhaps a new paradigm,” Christopher Wheeler, an analyst at Atlantic Equities, said on Bloomberg Television. “That means he has to make deeper cuts at the investment bank to really see the wealth-management performance shine through.”

Credit Suisse Stock Plummets as Investors Question CEO's Targets [Bloomberg]


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