January 25, 2015 / 1:01 PM / 5 years ago

Credit Suisse considering cost-saving measures after franc's rise -paper

ZURICH, Jan 25 (Reuters) - Swiss bank Credit Suisse is considering a cost-savings package in response to the recent appreciation of Switzerland’s currency, a Swiss newspaper reported on Sunday.

The NZZ am Sonntag paper, citing a source close to Credit Suisse’s top management, said the Zurich-based bank’s costs may have to come down by as much as 500 million Swiss francs ($567.99 million) because of the franc’s strength.

The franc surged after the Swiss central bank removed its cap on the currency’s value against the euro, putting pressure on big Swiss companies like Credit Suisse, which have a large portion of cash in foreign currencies but report in francs.

A spokesman for Credit Suisse declined to comment on the newspaper report and said the bank was still assessing its options.

“Credit Suisse is currently analysing the changing currency and interest rate environment,” the spokesman said in an emailed statement. “No decisions have been taken regarding potential related cost savings measures.” ($1 = 0.8803 Swiss francs) (Reporting by Joshua Franklin)

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