Credit Suisse's cunning approach to COVID-19 cost-cutting

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Credit Suisse's cunning approach to COVID-19 cost-cutting

Bank CEOs who are looking around for new ways to cut costs as a result of COVID-19 might want to consult Thomas Gottstein, the new head of Credit Suisse. While Christian Sewing at Deutsche Bank seems to have irritated his most senior bankers by suggesting that they voluntarily sacrifice a month's salary, Gottstein's Credit Suisse has gone for a gentler and likely more successful approach.

Bloomberg reports that the Swiss bank is 'recommending' that managing directors and directors at the universal bank in Switzerland buy themselves an extra two weeks' holiday this year. As at Deutsche, the suggestion is one posited as beneficial to the bank as a whole: "Credit Suisse encourages senior management in its Swiss business to buy two additional weeks of vacation this year, allowing them to make a personal contribution to a responsible approach to costs," said a spokesman. The policy is aimed at Swiss bankers, but a similar option is open to CS bankers globally if they wish to buy extra holiday too.

The holiday offer comes after Credit Suisse asked employees to take 50% of their annual vacations before the of August back in May. As lockdowns are lifted, senior CS bankers may welcome the extra days off. 

Unlike at Deutsche Bank, early indications are that the move is a success. "Internal feedback so far has been positive," said the Credit Suisse spokesman. Watch and learn.

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