Credit Suisse Lifts Cost-Cutting Goal After Swings to Fourth-Quarter Profit

Chris Ratcliffe | Bloomberg | Getty Images

Credit Suisse said on Thursday it will cut more costs than expected, after swinging to a lower-than-expected fourth-quarter net profit.

The Zurich-based bank said it will slash spending by 4.4 billion Swiss francs ($4.83 billion) by the end of 2015, up from a previously-announced 4 billion.

Fourth-quarter net profit of 397 million francs missed analyst forecasts, which averaged 645 million francs in a Reuters poll.

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