Credit Suisse Group AG To Cut $1 Billion More Costs As Profits Fall-Reuters

Reuters reported that Credit Suisse Group AG will cut an extra 1 billion Swiss francs ($1.1 billion) of costs, including axing more jobs, as part of efforts to bolster its profits and capital position. Volatile financial markets, a dearth of deals and tighter regulations in the wake of the 2007-9 financial crisis are forcing investment banks to slash costs, and the euro zone debt crisis has pushed many to cut back even more. Credit Suisse said it was targeting 4 billion francs in cost savings by 2015, up from a goal of 3 billion francs it set in July and an earlier figure of 2 billion.