Credit Suisse CEO Tidjane Thiam pledged to cut an additional 1 billion Swiss francs ($1 billion) in expenses and lowered profit targets that were seen as too ambitious. Thiam, who was updating investors on Wednesday after cutting more than 6,000 jobs this year as part of his year-old turnaround plan, declined to give details on further job cuts.

Lower fees from asset management and a slump in investment banking prompted the bank to reduce profit goals in Asia and international wealth management, which analysts had viewed as too optimistic.

It’s the second time Thiam is adjusting his plan to reorganize the company along geographical lines, downsize the investment bank in favor of wealth management, and hold an IPO of the Swiss business. In March, he stepped up job cuts for this year after unexpected losses at the global markets unit. Thiam on Wednesday confirmed targets for the wealth management operations, including in Asia, and said the coming year will be about generating more revenue.

“We see significant self-help potential via a combination of wealth management expansion and investment bank restructuring, where most of the heavy lifting has already been completed,” Citigroup Inc. analysts Andrew Coombs and Nicholas Herman wrote in an e-mailed report. “These new financial targets will be well received, with greater focus on costs rather than revenues.”