A slump in investment banking revenues pushed Credit Suisse to accelerate its cost-cutting plan as Chief Executive Tidjane Thiam admitted he had been unaware of trading positions that triggered more big writedowns in the first quarter.


Switzerland's second-biggest bank said on Wednesday it would shave an additional 800 million Swiss francs (582 million pounds) off costs and cut 2 Nike VaporMax Flyknit Pas Cher ,000 more jobs from its Global Markets division.


The unit is expected to record a 40 to 45 percent drop in first-quarter revenues and is selling off holdings of illiquid assets that the bank's senior management had not had on its radar.


Asked in an analyst call who would be held responsible for about $1 billion in losses on its illiquid credit portfolio over the past two quarters, Thiam said things had clearly gone wrong but the bank was now confident the problems had been identified.


"We can't have the CEO and a CFO in a bank surprised by something like that," Thiam said on a media call.


Thiam later said he had total confidence in finance chief David Mathers and global markets head Tim O'Hara.


The first quarter is normally the most lucrative period for the industry Nike VaporMax Femme Pas Cher , when investors put their money to work at the start of the year, but this year revenues have been hit by record low interest rates, low commodity prices and slower growth in emerging markets.


Rival Deutsche Bank's finance chief said on Tuesday the first two months of 2016 were the worst start to a year for banks that he has seen in his banking career.


Credit Suisse said job cuts would come mostly in London and New York. The latest cuts bring the total to 6 Nike VaporMax Homme Pas Cher ,000 job losses announced by Thiam, who took over last year.


"I'm aware that I'm not very popular right now," Thiam told a banking conference in Zurich. "It's not my job to be popular. I'm trying to do the right thing."


Thiam disclosed that he had asked for his 2015 bonus to be cut by 40 percent Nike VaporMax Bordeaux Pas Cher , even more than the 36 percent cuts in bonuses for staff in the Global Markets division.


The chief executive from Ivory Coast is five months into implementing his new strategy. He raised around 6 billion Swiss francs in capital last year and is cutting back Credit Suisse's volatile investment banking business while focusing on more stable wealth management.


BOWING TO THE INEVITABLE


Credit Suisse shares, which had fallen by more than a third this year, rose 0.9 percent on Wednesday.


"This was the restructuring plan investors were hoping for last year Nike VaporMax Rose Pas Cher ," said George Karamanos, an analyst at Keefe, Bruyette & Woods. "A negative operating environment has forced management to address tough issues it avoided last time around."


A top-30 investor in the bank added: "I believe he is bowing to the inevitable. In my view the big 'universal' banks are Nike VaporMax Blanche Pas Cher , in their current forms, broken models and unmanageable."


In the statement on Wednesday Credit Suisse increased to "at least" 4.3 billion francs its targeted savings by 2018, up from 3.5 billion announced in October. It aims for 1.7 billion francs in cost savings in 2016 and is likely to make a first-quarter loss after exceptional items Nike VaporMax Rouge Pas Cher , Thiam said.


He declined to say whether 1 billion francs in restructuring costs expected this year would allow a 2016 net profit.


Thiam said a combination of high costs, exposure to illiquid inventory in fixed income, "historically low levels of client activity" and challenging market conditions had led to disappointing results at the Global Markets division.


Thiam said that write-downs at Global Markets Nike VaporMax Bleu Pas Cher , which totalled $633 million in the fourth quarter, declined in the first quarter to $346 million as of March 11.On a brighter note, the bank cited net new money inflows so far this year of 3.6 billion francs at its Asia Pacific business Nike VaporMax Grise Pas Cher , 7.1 billion at international wealth management, and 4.5 billion at its Swiss universal bank, whose partial public listing in 2017 was on track if market conditions permit.




By Robert Manyara


NYANDARUA， Kenya， May 15 (Xinhua) -- At the age of three， Esther Wamuyu's grandson could be running around with other children while learning a few things from the youngsters.


The little boy born in the central Kenyan town of Nyahururu has cerebral palsy， a condition that has paralyzed his right limb. He cannot stand without the aid of a device.


For his grandmother， a peasant farmer with a monthly income of less than 100 U.S. dollrs，the cost of a special or standing frame to help the boy walk is too prohibitive.


"How I am supposed to buy a wheelchair for 100 dollars? That is beyond my reach，" noted Wamuyu who had been informed that a standard and durable wheelchair fitting her grandson could cost as much.


But existence of cheaper and innovative assistive devices for children with cerebral palsy in Central and Rift Valley parts of Kenya has relieved Wamuyu the stress of taking care of her son.


With a special standing frame made of heavy duty cartons and newspapers， her grandson can stand on his own.


She bought it at 3.5 dollars， 28 times less than the price of the imported standard wheelchair.


"It is therapeutic for children to use the assistive devices，" said David Chege， an occupational therapist.


"It causes more damage to the children when they are left on their own or use inappropriate devices which do not meet their needs，" he added.


Cerebral palsy normally affects a child's ability to walk. It also has devastating impact on a child's cognitive abilities.


Deficiency in calcium is a major trigger of this disorder and can be passed easily by a pregnant mother to her unborn child.


"Actually most of these cases (cerebral palsy) affects households living in poverty，" says Josephine Mureithi， a social worker.


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