As part of its reorganization, Credit Suisse will slash 500 jobs in Switzerland this year, Group CEO Ulrich Koerner said in an interview with the «NZZ am Sonntag» (in German, paywall) over the weekend. By 2025, a total of 2,000 jobs will disappear in the bank's home country, as it announced last Thursday at its London investor day.

The number of Credit Suisse employees in Switzerland continues to decline. In 2001, it reported around 28,600 full-time Swiss positions, according to its annual report. Today, only about 16,000 of the total 52,000 jobs are in the bank's home country, as «Sonntagsblick» (in German) reported this weekend. 

More Responsibility

For the foreseeable future, Credit Suisse will employ only half as many people at home as it did at the turn of the millennium. With that development, Michael von Felten, president of the Swiss Bank Employees Association (SBPV), raises the question of how much of Switzerland must be in a bank that calls itself Credit Suisse.

«The big banks benefit worldwide from the Swissness label, which continues to stand for security and trust. Accordingly, they also have a special responsibility for employees and jobs in Switzerland.»

Concerned Employees

The shrinkage in Switzerland is a particularly bitter pill to swallow because investment bankers in the US are primarily responsible for the current crisis, «Sonntagsblick» continues.

«The Swiss employees are working extremely successfully and thus form the basis for a healthy business development of Credit Suisse,» agrees Vontobel financial analyst Andreas Venditti. He points out the Swiss business was not emphasized more prominently during Koerner and Chairman Axel Lehmann's presentation. «That unsettles the employees,» he said.

Saudi Controversy

Globally, Credit Suisse plans 9,000 jobs by 2025, leaving it with 43,000 full-time jobs. In the «NZZ am Sonntag,» interview Koerner also defended the entry of Saudi National Bank (SNB) as the largest shareholder.

He said that the fact that the country was ruled autocratically did not impede operations. «We have very clear guidelines on corporate governance as well as ethical principles. The shareholder base has no influence on these principles,» Koerner said. 

Just Another Shareholder

The character of the bank will not be affected by the entry of this investor, he said. «Saudi National Bank is a shareholder like all the others,» Koerner emphasized. That may be the case, but just like other shareholders, they can also vote, and with the additional purchase of shares via the qualified investor stake, that is a large block of votes. 

Swiss Watches

If Credit Suisse were a watch, it would not qualify as «Swiss Made.» To earn that designation, 50 percent of the total value of the components and the watches must also be both assembled and inspected in Switzerland, according to the federal council.