Credit Suisse Steps Up Cost Cuts as Revenue Eludes CEO Thiam
- Profit goals cut for Asia investment bank, asset management
- CEO Thiam confirms targets for wealth management operations
Why Credit Suisse Is Stepping Up Its Cost Cutting
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Credit Suisse Group AG rose in Zurich trading, leading European bank shares higher, as Chief Executive Officer Tidjane Thiam pledged to cut an additional 1 billion Swiss francs ($1 billion) in expenses and lowered profit targets that were seen as too ambitious.
Thiam, who was updating investors on Wednesday after cutting more than 6,000 jobs this year as part of his year-old turnaround plan, declined to give details on further job cuts. Lower fees from asset management and a slump in investment banking prompted the bank to reduce profit goals in Asia and international wealth management, which analysts had viewed as too optimistic.