Credit Suisse to cut thousands of jobs

Credit Suisse to cut thousands of jobs

Fri, Sep 2nd 2022

The Swiss are not worried about Covid anymore, Swiss inflation hits record highs, and more in our roundup of news from August 30 – September 2.

Credit Suisse employs 16,000 people in Switzerland.

Credit Suisse to cut thousands of jobs

Credit Suisse will slash at least 3,200 jobs over the next few months to save 1 to 1.5 billion Swiss francs, an anonymous source told local Swiss newspaper Blick. Most of the cuts will be made in Zürich and to employees with contracts. The pink slips, which will go out between now and next spring, are part of a larger strategy to restructure the company. That strategy launched over the summer beginning with replacing CEO Thomas Gottstein with Ulrich Körner. Shares of Credit Suisse hit a new all-time low this week after the leak was made public. At the close of the market on Thursday, shares were worth less than 4.90 CHF. Read more.

Swiss inflation hit 30-year high in August

Prices across Switzerland rose by 3.5 percent during the month of August – a three-decade high and well above the Swiss National Bank (SNB) target of 2 percent for the month. Prices for domestic goods rose by 1.8 percent, while the price on imported goods rose by 8.6 percent. That disparity was driven largely by rising costs for fuel. While prices are expected to continue climbing across the EU, in the U.K. and the U.S., Swiss inflation is expected to drop in the coming months by nearly 3 percent, thanks to the strong purchasing power of the Swiss franc, SNB says. That said, the Swiss government warns residents to prepare for high electricity and heating bills this winter. Read more.

Poll: Swiss worried about health costs, retirement and an energy crisis

Swiss residents are mostly concerned with health care costs and retirement provisions, according to an annual survey of nearly 30,000 people. The 2021-2022 results are a stark difference from the previous survey when residents were mostly preoccupied with Covid-19 pandemic concerns. Two-thirds of those surveyed believe an energy shortage will affect Switzerland this winter and nearly half say they are already making preparations, such as buying wood and oil. About two-thirds say they hope renewable energy sources will assuage the crisis, while one-third are in favor of nuclear power as the answer. Read more.

This scene from a South Korean series is drawing in tourists from around the world to a single pier on Lake Brienz.

Swiss village overcrowded with tourists

Residents of Iseltwald say they are being inundated with tourists thanks to the popularity of a South Korean Netflix series called Crash Landing on You. In the series, one of the main characters plays piano on an Iseltwald pier overlooking Lake Brienz. As he plays, a woman arriving on a ferry from Interlaken falls in love with him. Although tourists are flooding Iseltwald daily, they are not staying the night or even having lunch while in town, residents say. “Tour groups leave the village within five minutes after taking photos at the pier. Tourists who come by bus bring their own food and drink so do not eat in the restaurants…All that is left is the rubbish that has been thrown away. This is just ‘rubbish tourism’,” resident Marion Krähenbühl told SWI SwissInfo. The village of just 420 residents say they have had to increase their spending on waste management and may be losing ‘real’ tourists who come to Iseltwald for peace and tranquility. Read more.

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