C Suisse said to be mulling cost-savings package

Axe In Tree Stump

Costs may have to come down as much as $567m.

Credit Suisse is considering a cost-savings package in response to the recent appreciation of Switzerland's currency, a Swiss newspaper reported on Sunday.

Reuters reports that the NZZ am Sonntag paper, citing a source close to Credit Suisse's top management, said the bank's costs may have to come down by as much as $567.99m because of the franc's strength.

The franc surged after the Swiss central bank removed its cap on the currency's value against the euro, putting pressure on big Swiss companies like Credit Suisse, which have a large portion of cash in foreign currencies but report in francs.

Hit the link below to access the complete Reuters article:

Credit Suisse considering cost-saving measures after franc's rise - paper

Goldman president urges Britain to stay in the EU

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News