Spain's Santander hikes cost cuts target to 3 bln eur by 2018

miércoles 23 de septiembre de 2015 04:05 GYT

MADRID, Sept 23 (Reuters) - Spain's Santander said on Wednesday it was increasing its cost savings target to 3 billion euros ($3.34 billion) by 2018 and that it expected to reach a 2016 goal to cut 2 billion euros in costs ahead of time.

The costs savings apply to the 2014-2018 period. Santander trimmed 1 billion euros in costs in 2014 and it expected to reach its 2016 target by the end of 2015, Chief Executive Jose Antonio Alvarez told investors at a conference in London, according to a presentation. ($1 = 0.8990 euros) (Reporting by Sarah White and Jesus Aguado; Editing by Julien Toyer)