Published February 07, 2013
ZURICH – Credit Suisse said on Thursday it will cut more costs than expected, after swinging to a lower-than-expected fourth-quarter net profit.
The Zurich-based bank said it will slash spending by 4.4 billion Swiss francs ($4.83 billion) by the end of 2015, up from a previously-announced 4 billion.
Fourth-quarter net profit of 397 million francs missed analyst forecasts, which averaged 645 million francs in a Reuters poll.
($1 = 0.9105 Swiss francs)
(Reporting By Katharina Bart)