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Credit Suisse Posts Loss as CEO Signals Cost-Cuts Progress

  • Bank looking to meet or exceed gross cost savings targets
  • Credit Suisse held CET1 ratio at 11.4% in first quarter
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Credit Suisse CEO Cites Cost Cut Progress in Loss

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Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said he’s confident in delivering planned cost cuts this year after a tumultuous first quarter sparked a second quarterly loss. The shares jumped.

The bank reported a loss of 302 million Swiss francs ($311 million) in the first quarter, compared with a profit of 1.05 billion francs in the year-earlier period. Analysts predicted a loss of 344 million francs, according to the average of 10 estimates compiled by Bloomberg.