We got a mystery on our hands!
Here's Bloomberg saying that there will the walls will be covered in blood and pink slips in Credit Suisse's wealth management and global banking divisions:
Credit Suisse Group AG is considering hundreds of job cuts as Chief Executive Officer Tidjane Thiam’s drive to reduce expenses extends into a fourth year, according to people with knowledge of the matter.
The dismissals could start as soon as this year and help the bank achieve its 2019 expense targets, the people said, asking not to be identified discussing private information.
And here's Credit Suisse telling Bloomberg that it is full of scheiße:
Credit Suisse initially declined to comment before saying that “the notion that we are weighing hundreds of active job cuts is unfounded.” The bank also said that it will continue to invest in talent and seek to grow revenue in wealth management and investment banking.
Well, with the bank's stock down by almost 30% this year, a loss on trading revenue in the most recent quarter, Tidjane Thiam already cutting costs by three commas at a time, and no discernible relief in sight, we are perplexed by this controversy.
Looking at it from all angles and then taking a step back, we have to ask: Why does Credit Suisse feel the need to deny its employees the hope of their inevitable departure?