Credit Suisse lifts cost-cutting goal after swings to Q4 profit

Published February 07, 2013

| Reuters

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)

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