Credit Suisse CEO Thiam Pledges $1B More Cost Cuts

The video discusses a bank's need to adjust its turnaround plan due to market conditions, focusing on cost-cutting over revenue growth. It highlights skepticism from analysts and pressure from investors for more aggressive cost reductions. Additionally, it covers a settlement in the Euribor fixing probe involving major banks like JP Morgan, HSBC, and Credit Agricole, noting the fines and potential appeals.

What was the primary reason for the bank's need to adjust its turnaround plan?

• Market conditions not supporting revenue growth

• New government regulations

• Technological advancements in banking

• Increased competition from other banks

How did the market react to the bank's focus on cost-cutting?

• Confused, leading to mixed reactions

• Negatively, leading to a drop in share prices

• Positively, as indicated by share price reaction

• Indifferently, with no change in share prices

What were investors calling for in the weeks leading up to the bank's announcement?

• Higher dividend payouts

• Expansion into new markets

• More aggressive cost-cutting measures

• Increased investment in technology

Which banks were involved in the Euribor fixing probe settlement?

• UBS, BNP Paribas, and Santander

• Goldman Sachs, Barclays, and Deutsche Bank

• JP Morgan, HSBC, and Credit Agricole

• Bank of America, Citibank, and Wells Fargo

What was the nature of the fines imposed in the Euribor fixing probe?

• The largest fines ever imposed on banks

• Minimal and insignificant

• Reasonable in size but not the largest

• Excessive and unprecedented