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Credit Suisse plans to cut costs

Credit Suisse Group has devised plans to cut costs by 7% to 10%, which would translate into an annual reduction of as much as 2 billion Swiss francs ($2.1 billion) for the group, according to news reports. The plan, which may include job losses, is an essential tool according to the bank and it may pave the way for the bank to free resources for investment in Asia, the reports quoted a senior official of the group. Credit Suisse employed 46,600 people at the end of the second quarter, a 3.3% increase from June 2014. The reports also said the new CEO of the bank Tidjane Thiam intends to decentralize operations, moving the more expensive services to cheaper regions. The group is also considering selling stocks in an offering that may raise 6 billion Swiss francs to 8 billion francs.

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