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Credit Suisse: poor quarterly report (profit -64%), expected cuts of 4 billion francs

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The Swiss bank has raised its target for cost reductions for 3 from 4 to 2015 billion Swiss francs – The reduction of 3.500 jobs already in the pipeline will be increased – In the third quarter net profit down by 64%.

Credit Suisse: poor quarterly report (profit -64%), expected cuts of 4 billion francs

New staff cuts in sight for Credit Suisse. At the end of a rather complicated third quarter, the Swiss bank raised of one billion Swiss francs (from 3 to 4 billion) the objective of reducing costs by 2015, further raising the target of last July. This obviously means a more massive reduction in personnel, compared to the cut of 3.500 jobs (7% of the workforce) already in the pipeline.

Credit Suisse closed the third quarter with a net profit down 63% to 254 million francs, far below the estimates of analysts, who expected profits of 370 million. The financial statements of the Swiss bank were weighed heavily by charges of 1,048 due mostly to debt assessments.

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