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Credit Suisse to slash costs by 1b francs

It also lowers profit targets for international wealth management and Asian units

Published Wed, Dec 7, 2016 · 09:50 PM
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Zurich

CREDIT Suisse Group AG has lowered profit targets at two units and pledged to cut another one billion Swiss francs (S$1.4 billion) in costs, as a slump in asset management and investment banking forces chief executive officer Tidjane Thiam to adjust his turnaround plan.

The Zurich-based bank lowered 2018 pretax income targets for its international wealth management business and its Asian division to 1.8 billion francs and 1.6 billion francs respectively, according to a statement on Wednesday.

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