Credit Suisse

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Overview: Credit Suisse is a major international banking firm headquartered in Zurich, Switzerland. Much of its investment banking operations are the legacy of a business combination with First Boston. Its major lines of business in the U.S. include:

  • Private Banking
  • Private Advisors (Offshore Investing)
  • Mutual Funds and Asset Management
  • Private Equity
  • Investment Banking

Job Openings: See this current list of job openings.

Size: Credit Suisse reports these figures as of September 30, 2008. Currency translations are at $1.12 to the Swiss Franc (CHF), the exchange rate as of that date.

  • Worldwide Employees = 50,300
  • Operations in 50 Countries
  • Assets Under Management (Wealth Mgmt Division) = CHF 751.2 billion ($841.5 billion)
  • Assets Under Management (Asset Mgmt Division) = CHF 577.8 billion ($647.2 billion)

Positives: Total employment was up by 3,100 (7%) from September 2007 to September 2008. The health of the core banking business of Credit Suisse helped the firm ride out losses related to its investment banking and securities trading activities. Headcount in this troubled period was steady or increasing slightly in all divisions, indicating management’s confidence in its business model and longterm prospects.

Credit Suisse gained private banking client assets in 2008-09 despite a highly negative environment for Swiss banks marked by challenges to Swiss banking secrecy by a number of governments proceeding against alleged tax evaders. Credit Suisse added net new deposits of CHF 35.3 billion ($33 billion) in private banking client assets in 2009, following a net inflow of CHF 45 billion ($42 billion) in 2008. This was despite losing 100 client advisors in 2009, dropping their number to 4,080 (Financial Times, 2/12/10).

Negatives: On 7/28/2011, Credit Suisse announced plans to reduce its global workforce by about 4%, or 2,000 employees, in response to repeatedly disappointing earnings, capped off by a 52% drop in 2Q 2011 profits. In an earlier July 2011 press release, made when only 1,500 positions were targeted for elimination, private banking (500) and investment banking (600) were the areas where the greatest cuts were planned.

By November 2, 2011, the Financial Times was reporting that an additional 1,500 jobs would be eliminated. Subsequently, after a 63% decline in 3Q 2012 profits from the same period in 2011, Credit Suisse indicated that further staff reductions would ensue, as part of an enhanced cost reduction plan (“Credit Suisse suffers 63% fall in profits and plans $1bn extra cuts,” Financial Times, 10/26/2012). Overall, the firm has reduced costs by about $2 billion since January 2012, and now plans an addition $2 billion of reductions by the end of 2015. Insiders had indicated to the FT that the elimination of about 1,000 jobs already had been announced internally in July 2012.

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