ZURICH, Dec 7 (Reuters) - 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 Neghaiwi)