Credit Suisse will continue to cut costs aggressively as it seeks to keep profits stable in the wake of poor fourth-quarter earnings and a fragile macro-economic environment, CEO Brady Dougan told CNBC Thursday.
"We've set aggressive cost cutting targets and past cost cutting is a big benefit to us coming into 2013. But we think there are additional ways in which we can continue to do that and the environment will continue to present challenge," Dougan said.
The Zurich-based bank said it will slash spending by 4.4 billion swiss francs ($4.83 billion) by the end of 2015, an increase of 400 million after earlier posting a lower-than-expected fourth quarter net profit of 397 million francs ($537.2 million), missing analyst forecasts.
Dougan insisted despite the prevailing economic headwinds the bank had put in a good performance but the bank's shares opened flat at the start of trading Thursday.