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Credit Suisse CEO says will need fewer employees after coronavirus crisis

The bank could streamline "many processes," Gottstein said, adding that this is one of his priorities

Credit Suisse
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Europe’s banks are navigating negative interest rates, an oversupply of banking services and uncertainty over client defaults as they chart a return to normality

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Credit Suisse Group AG will come out of the coronavirus crisis needing fewer employees in the medium term as it faces the prospect of lower growth and looming credit defaults.

Online banking is becoming more important and will lead to a decrease in the importance and number of branches, Chief Executive Officer Thomas Gottstein said in an interview with Swiss newspaper NZZ. Staff could work remotely for 10% to 20% of the time, according to first estimates, and the bank will likely need less office space, he said.

The bank could streamline “many processes,” Gottstein said, adding that this is one of

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First Published: May 23 2020 | 11:39 PM IST

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