Credit Suisse signalled the era of cost-cutting and job cuts may be soon be over, telling employees that the bank will emphasise businesses that generate higher returns in its next strategic plan.
Credit Suisse aims to achieve its current capital, cost and pre-tax income targets by 2018 but Chief Executive Tidjane Thiam told staff preparation will start in July on its 2018-2020 plan.
Chief negotiator Guy Verhofstadt and leaders of four of the parliament’s main groups wrote in a joint letter to newspapers that Britain’s plans for the three million EU citizens expecting to remain in the U.K. post-Brexit "fall short" of what they are entitled to and what U.K. nationals are being offered in the EU.
EU Parliamentarian Guy Verhofstadt has called proposals put forward by the UK government a "damp squib" which would leave millions of Europeans with "second-class citizenship".
The US private sector created less than expected jobs last month, suggesting that job creation started to cool after strong gains registered earlier. The ADP National Employment Report released on Thursday showed companies added 158K new jobs to the economy in June, following the preceding month’s downwardly revised figure of 230K and surpassing analysts’ expectations for an 185K increase.
Switzerland’s unemployment rate remained stable in June, data from the State Secretariat for Economic Affairs showed Friday.
The jobless rate held steady at seasonally adjusted 3.2 percent in June, in line with expectations. The rate fell 4% year-on-year, 5’524 less than one year ago.
Deutsche Bank is gearing up to re-home many of its trading and investment-banking assets back to Frankfurt from London over Brexit, according to a Bloomberg report.
Germany’s largest lender would relocate most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people with knowledge of the matter. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months; trading jobs and up to 20,000 client accounts could also be shifted, the source told Bloomberg.
The Michael Page Swiss Job Index recorded an increase in advertised jobs of 1.2% between May to June 2017. During the period from March-June 2017 the number of advertised jobs grew 4.4%. The increase in advertised jobs was led by the Swiss plateau which showed a monthly increase of 3.1% in June.
According to Michael Page, the increase in the number of jobs posted was driven by the transportation, logistics and supply chain category, with year-on-year growth up to 33.6% and a monthly growth of 9.2%, depending on the position. The IT sector also continued its growth, with systems specialist positions posting an increase of 52.8% year-on-year and 6.6% between May and June 2017.
Microsoft is planning layoffs as it refocuses its sales force on making the software colossus a pivotal part of businesses relying on cloud computing, according to media reports.
While many reports forecast the changes would result in thousands of job cuts, Microsoft on Monday only confirmed to AFP that changes were on the way. "Microsoft is implementing changes to better serve our customers and partners," a Microsoft spokesperson told AFP.
Bank of England staff have voted to hold their first strike in more than 50 years in a push for higher pay, a union said on Monday, adding to pressure for an end to tight controls on public sector wages in Britain.
Unite, Britain’s biggest union, said maintenance and security staff at the 323-year-old institution would strike for four days from July 31 after they were awarded a 1 percent pay rise: “Unite has informed the Bank of England that its members working in the maintenance, parlours and security departments will be taking four days of strike action on July 31, August 1, 2 and 3 2017,” it said in a statement. That period coincides with the bank’s next monetary policy meeting.
