ZURICH Dec 7 Credit Suisse on
Wednesday announced more than 1 billion Swiss francs ($991
million) in extra cost cuts, as Chief Executive Tidjane Thiam
tries to compensate for challenging conditions which have so far
hampered his restructure of the Swiss lender.
In a statement ahead of its investor day, Credit Suisse also
lowered 2018 pre-tax income targets for its Asia Pacific and
International Wealth Management divisions to 1.6 billion and 1.8
billion francs respectively. The previous target for both
divisions was 2.1 billion francs.
Just over a year since Thiam laid out his strategy for
Switzerland's second-biggest bank, analysts had expected Credit
Suisse to take another axe to costs and pare back the profit
targets, which had long been viewed as too optimistic.
($1 = 1.0091 Swiss francs)
(Reporting by Joshua Franklin; editing by Brenna Hughes