Schweiz Am Sonntag: Credit Suisse Plans Up To 2 Bln Swiss Francs Cost Cuts

(RTTNews) - Credit Suisse Group AG (CG) plans to cut costs by 7 percent to 10 percent, which would translate into an annual reduction of 1.5 to 2 billion Swiss francs for the group, the Schweiz am Sonntag reported, citing several managers of sub-units in the bank.

The plan, which may include job losses, that would allow Credit Suisse to free resources for investment in Asia, the newspaper reported, citing a senior unnamed person in the group.

Chief Executive Officer Tidjane Thiam also plans to decentralize operations, moving the more expensive services to cheaper regions, the report added.

The group is also considering selling stock in an offering that may raise 6 billion Swiss francs to 8 billion francs, people with knowledge of the discussions said Oct. 9.