Layoffs Watch '16: Credit Suisse Has Good News And Less Good News

Which do you want first?
Photo: Getty Images.

Photo: Getty Images.

The good news: the Swiss bank actually made money for the first time in a while. The less good news: 6,000 of you may not be employees of the Swiss bank for long.

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam ended six months of losses last quarter. That wasn’t enough to convince investors his turnaround is on track. The CEO signaled on Thursday that Credit Suisse is on course to cut 1.7 billion Swiss francs ($1.7 billion) in costs and 6,000 jobs this year as part of his wider overhaul that runs through 2018. Yet he declined to comment on whether the bank will post a full-year profit, and said many “uncertainties” cloud the horizon. The shares reversed earlier gains, dropping 5 percent.

Thiam Facing Investor Doubts Even as Credit Suisse Posts Profit [Bloomberg]