Credit Suisse may downsize its Joburg office to cut its cost base
Swiss banking group Credit Suisse may downsize its Johannesburg office, moving some of its operations and professional staff offshore as part of an international effort to cut its cost base. Senior adviser to Credit Suisse in SA Rick Menell said the driver of the move was the priority Credit Suisse had put on reducing costs in every part of its business. However, Menell said the group remained committed to emerging markets and to Africa. SA remained an important gateway and an "absolutely first-rate finance house", even though some of its SA-related business had already moved offshore. On Friday, Credit Suisse started consultations with the more than two dozen staffers in its local office with a view to streamlining the operation. This was in line with the "intense effort" by the group to reduce its costs over the past three years since Tidjane Thiam took over as group CEO in July 2015 and set out a plan to deliver 3.5-billion Swiss francs of gross cost savings by the end of 2018. T...
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