Credit Suisse moves to cut more costs

City A.M. Reporter
Credit Suisse is increasing its cost savings target, after fourth quarter profits came in below expectations.

The Zurich-based bank said this morning it was upping its target to CHF4.4bn (£3.09bn) by the end of 2015, from its previous target of CHF4bn.

Fourth quarter net profit came in at a lower-than-expected CHF 397m.

Earnings were hit by a 38 per cent drop in pre-tax profit at the investment bank, with low levels of business activity in both its fixed income and equity arms.

Credit Suisse also took CHF304m in charges related to its own debt.

"Going into 2013, revenues have so far been consistent with the good starts we have seen to prior years, with profitability further benefitting from the strategic measures we took in 2012, including our strengthened capital position and our significantly reduced risks and cost base," chief executive Brady Dougan said this morning.