Credit Suisse to slash costs by 1b francs
It also lowers profit targets for international wealth management and Asian units
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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