Credit Suisse: Time for sabbaticals

Credit Suisse Group AG has told some teams in Switzerland to consider taking a leave or sabbatical, adding to signs that the bank’s Swiss unit is under pressure to meet targets for the year, people with knowledge of the matter said.

Bankers were told now is the ideal time for an unpaid or extended absence as the Swiss Universal Bank, led by Thomas Gottstein, seeks to cut 1,600 positions by the end of the year, the people said, asking not to be identified because the discussions were private. Credit Suisse declined to comment.