Credit Suisse to Cut More Costs as Quarterly Profit Falls
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Credit Suisse Group AG, the second-biggest Swiss bank, increased a target for cost reductions after posting a drop in third-quarter profit on an accounting charge related to its own debt.
The bank, based in Zurich, rose as much as 3 percent in Swiss trading after saying it plans to trim a further 1 billion francs ($1.07 billion) in costs by the end of 2015. That follows the 1 billion-franc savings program announced in July and a 2 billion-franc expense reduction achieved since last year.