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Credit Suisse seeks more global markets cost cuts

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Credit Suisse seeks more global markets cost cuts

Credit SuisseGroup AG CEO Tidjane Thiam said the bank is looking for additionalcost-saving measuresat its global markets division, Bloomberg News reported Sept. 27.

Thiam, who was speaking at a conference in London the sameday, said newly appointed global markets CEO Brian Chin is working on ways to further trim costs."This will involve further reduction of duplication, streamlining of ouroperating platform and better use of technology," Thiam said.

The CEO noted that the unit will be able to achieve its 2016objective of reducing operating costs by CHF6 billion, according to thenewswire. Thiam added that Credit Suisseis on track to lower its net costs by CHF1.4 billion, implementing anadditional 1,200 staff layoffs to complete its 6,000 job cut for 2016.

Thiam also noted that Credit Suisse is employing "verymaterial amounts" in Switzerland to launch an independent unit and hopesto sell part of the domestic business in an IPO as soon as in 2017, Bloombergreported.