Credit Suisse Flags Q2 Loss in Latest in String of Profit Warnings :
The bank has described 2022 as a “transition” year in which it is trying to turn the page on costly scandals that brought a near-total reshuffle of top management and a restructuring seeking to curtail risk-taking, particularly in its investment bank. The bank is considering job reductions as part of the cost cuts, Bloomberg reported on Wednesday. Credit Suisse declined to comment on potential staffing cuts. hares slid 7.3% in early trading as analysts pointed to the particular impact of market conditions on a bank in restructuring mode and concerns that cost savings will not generate future earnings growth. Major central banks, already plotting rate hikes in a fight against inflation, are preparing a common pullback from key financial markets in a first-ever round of global quantitative tightening expected to restrict credit and add stress to an already-slowing world economy.
The competition of banks is increasing quickly as Credit Suisse is plunging?