ZURICH (Reuters) - Credit Suisse (SIX:CSGN) is on track to hit its targeted cost base by end-2018, Chairman Urs Rohner said on Thursday, part of a broad restructure of Switzerland's second-biggest bank.
"Accordingly, we are well on track to achieve a cost target of 17 billion Swiss francs ($17.4 billion) by the end of 2018, which is significantly lower than our original cost target of 18.5 billion Swiss francs," Rohner said in a speech at Credit Suisse's extraordinary general meeting.
Credit Suisse shareholders are voting the board's proposal to raise around 4 billion francs to get its financial strength on a par with rivals.