Credit Suisse looking at cutting around 5,000 jobs in cost drive: Report

Credit Suisse in July named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 bn in costs

Credit Suisse is considering cutting around 5,000 jobs, about one position in ten, as part of a cost reduction drive at Switzerland's second-biggest bank, a source with direct knowledge of the matter told Reuters.

The scale of the potential job cuts underlines the challenge facing Credit Suisse and its new chief executive, who is seeking to put it back on an even keel after a string of scandals.

The bank declined to comment beyond repeating that it would give an update on its strategy review with its third-quarter earnings, saying that any reporting on outcomes was speculative.

Credit Suisse has