Credit Suisse released its 4th Quarter update this morning, along with a new business plan aimed at bringing the bank back to black after a CHF 3 billion loss as of December.
As part of the reorganization, the firm will “substantially reduce the scale of its operations in more complex products,” according to a statement. That includes leaving some trading activities, though it did not mention specifics.
The bank also plans to cut roughly 11 percent of its total workforce or 5,300 employees, primarily in investment banking. The report also outlines plans to cut risk, particularly in the one-day value-at-risk.
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