Credit Suisse plans to accelerate cost cuts as part of its overall strategy to reduce its cost base by ~CHF 2.5bn ($2.67bn) through 2025. As per sources, this would involve more job cuts than previously expected as part of its first wave of reductions, including in its wealth management business. For example, it is said to be planning a 5% reduction in private banking headcount at Hong Kong. These moves come after another quarter of losses being expected alongside wealthy clients pulling out money.

Separately, Saudi Crown Prince Mohammed bin Salman is preparing to invest in CS First Boston, the investment banking spinoff of Credit Suisse as part of its strategic overhaul, as per WSJ. Bloomberg notes that the kingdom is already backing Credit Suisse, as Saudi National Bank (SNB) acquired a 9.9% stake in the lender as part of its $4bn capital raising plans.

CS’s perps were trading higher by over 3 points – its 9.75% Perp was up 3.3 points to 85.8, yielding 14.1%. Its EUR 5Y CDS spread also tightened to 405bp from 425bp on Friday.

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