Credit Suisse to cut more costs in accelerated restructuring

Staff Writer
Columbus CEO

GENEVA (AP) — Credit Suisse is announcing new steps in its restructuring with greater cost cuts and plans to reduce headcount by another 2,000.

The Swiss bank is citing "disappointing financial results" because of a combination of a high, inflexible cost base, exposure to illiquid fixed income assets, tough market conditions and "historically low levels of client activity."

The bank says it is now targeting cost reductions of at least 4.3 billion Swiss francs ($4.4 billion) by 2018, up from 3.5 billion francs previously. Savings of 1.7 billion francs are expected this year.

The company now plans to cut 6,000 jobs, of which 2,800 have already taken place. Last month the company said it was cutting roughly 4,000 jobs to reduce costs after announcing a massive pre-tax loss in the fourth quarter.