Credit Suisse targeting savings of 2% to 3% per year

Credit Suisse chief executive officer Thomas Gottstein wants to cut costs by 2-3 per cent each year.[ZURICH] Credit Suisse chief executive officer Thomas Gottstein wants to cut costs by 2-3 per cent each year, he said in an interview published on Saturday, with savings put back into the bank's business.

"Basically, like in the automotive industry, we want to be 2-3 per cent more efficient every year," he told Swiss newspaper Finanz und Wirtschaft. With costs of around 17 billion Swiss francs , this meant around 400 million francs in annual savings, he said after Credit Suisse announced an overhaul of its investment bank and beat profit forecasts in its results on Thursday.

"We look at where there are duplicates and inefficiencies that can be remedied without compromising," said Mr Gottstein, citing the example of merging the risk and compliance functions. The rest of the savings would come from other group-wide functions, as well as its business in wealth management, Asia, and reducing the branch network in Switzerland.

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