Credit Suisse steps up cost cuts in tough markets

[ZURICH] Credit Suisse Group is stepping up cost cuts including eliminating 2,000 jobs at its Global Markets business to better weather challenging market conditions, Switzerland's second-biggest bank said on Wednesday.

"Today, we are announcing an increase to our 2018 cost reduction target from 3.5 billion Swiss francs (S$4.89 billion) gross savings to at least 4.3 billion francs, driving our absolute operating cost base below 18 billion francs by 2018. For 2016, we aim to achieve 1.7 billion francs in cost savings," chief executive Tidjane Thiam said in a statement.

The Zurich-based bank had said in February it accelerated cost savings to lock in 1.2 billion of the targeted 3.5 billion francs by 2018, with around 4,000 jobs being cut.

The latest moves bring job cuts to 6,000.

REUTERS