Credit Suisse CEO Thomas Gottstein wants to cut costs by 2% to 3% each year, he said in an interview published on Saturday, with savings put back into the bank's business.
) CEO Thomas Gottstein wants to cut costs by 2% to 3% each year, he said in an interview published on Saturday, with savings put back into the bank’s business.
“Basically, like in the automotive industry, we want to be 2-3% more efficient every year,” he told Swiss newspaper Finanz und Wirtschaft. “We look at where there are duplicates and inefficiencies that can be remedied without compromising,” said Gottstein, citing the example of merging the risk and compliance functions.
“With higher digitisation and automated processes, we can basically get even more out of it. However, we will reinvest all of these savings in the business,” said Gottstein, who took over as CEO from Tidjane Thiam in February.
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