Credit Suisse managed to beat market expectations with its first-quarter earnings on Tuesday, but CEO Tidjane Thiam detailed the challenges the bank is still facing.
It reported a pretax loss of 484 million Swiss francs ($497.85 million) in the first quarter of 2016, compared to a reported pretax profit of 1.51 billion Swiss francs in the same period last year. After tax, the group - Switzerland's second-largest bank - reported a net loss of 302 million Swiss francs, versus forecasts for a 424 million Swiss franc loss, according to a Reuters poll.
In its earnings statement the bank said that it was accelerating its cost savings program to "mitigate (the) impact of adverse market conditions." It said that in the first quarter of the year it had achieved, on an annualized basis, "more than half of the 1.4 billion Swiss francs of net cost savings we are targeting for 2016."