Credit Suisse share price falls as it unveils plans to cut London costs by £627m and make job cuts

Emma Haslett
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(Files) Picture taken on November 1, 201
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Swiss banking giant Credit Suisse has confirmed it will slash costs by hundreds of millions of pounds in an effort to reduce its London office, it has been reported.

The BBC said this morning that the bank told investors it was targeting cost reductions of SFr3.5bn (£2.4bn), with SFr900m of those reductions - about £627m - coming from "rightsizing our London footprint".

The FT reported yesterday that the cuts could affect as many as 1,800 staff at the bank, after new chief executive Tidjane Thiam announced plans to slash costs in October.

At the time, there was speculation that back-office jobs could be moved to Poland or India. The bank employs more than 6,000 people in London.

More jobs cuts are expected to be make in Switzerland and the US, where its private bank is expected to be sold to Wells Fargo.

Credit Suisse had not responded to requests for comment at the time of writing. Shares in the bank fell 1.34 per cent at lunchtime.

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