Credit Suisse targets costs as profits tumble


Credit Suisse sharpened its cost-cutting targets for the third time in seven months, after full-year profits missed market expectations.

A year ago, Switzerland’s second-largest bank by assets was working towards cuts of two billion Swiss francs (€1.52 billion) by the end of 2013. It increased that target by SFr1 billion last July, and by the same amount again in October. On Thursday it added a further SFr400 million, meaning it is now aiming for a reduction of SFr4.4 billion by the end of 2015. Chief executive Brady Dougan confirmed the extra savings would result in job losses, but declined to say how many.

Credit Suisse reported full-year profits to SFr1.48 billion – or SFr0.90 per share – down almost a quarter from the SFr 1.95 billion the bank made in 2011. – Copyright The Financial Times Limited 2013