Stock Spotlight: Can Credit Suisse sail through scandal?

Set to cut thousands of jobs

Elliot Gulliver-Needham
clock • 5 min read

Bloomberg reported last week (5 August) that Credit Suisse was set to slash thousands of jobs globally, following plans to reduce overall costs for the firm by $1bn.

Meanwhile, Credit Suisse's share price has continued to fall, while the firm reported a pre-tax loss of $1.7bn for the first half of this year. How has the business managed to end up in such a dire position, and can it make it through this rough period? Scandal "[Credit Suisse] has managed to be front and centre in almost every corporate mishap or scandal of the last decade," said Toby Clothier, head of global thematic and strategy team at Mirabaud Equity Research. The bank has come to be defined by scandal in the eyes of many, as Clothier noted: "Wikipedia lists 14 specific cont...

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