SWITZERLAND - Banking giant Credit Suisse is to contribute more to its pension plans than anticipated due to changes to their funding status.
It also emerged that it was cutting up to 200 jobs at its asset management arm in the US in a revamp.
The group had said in its financial statements for 2005 that it had expected to contribute CHF348m (€221m) to the plans in 2006.
"The calculation of the expected contribution for 2006 was subsequently revised to reflect he current funding status, resulting in an increase of anticipated contributions," the bank said today.
As at the end of June, it had already contributed CHF226m - with an additional CHF160m anticipated to be paid, giving a new total of CHF386m.
Meanwhile, the bank said its asset management business was "not yet in a position to fully capitalize on the growth opportunities presented by the industry globally".
"We recently conducted a global strategic review of Asset Management and identified a number of measures that must be implemented in order to create a solid and sustainable platform for the future growth of the business," it said.
Measures included "reshaping the product offering, improving sales and investment processes and lowering the overall cost base".
Some 200 jobs would go in the US, according to a report by AFX News.
"We remain committed to our Asset Management business in the US, where we already have leadership positions in alternative investments and a number of select traditional asset management strategies," the bank said.
Asset Management recorded income from continuing operations before taxes of CHF27m in the second quarter, with new assets totalling CHF15.5bn.