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Credit Suisse Plans Up to 2 Billion Francs Cost Cuts, SaS Says

  • `Well advanced' money-saving plan may include job reductions
  • Measures to allow group to expand investment in Asia

Credit Suisse Group AG has “well advanced” plans to cut costs by 7 percent to 10 percent, which would translate into an annual reduction of as much as 2 billion Swiss francs ($2.1 billion) for the group, Schweiz am Sonntag reported, citing several managers of sub-units in the bank.

The plan, which may include job losses, is “an essential tool” that would allow Credit Suisse to free resources for investment in Asia, the newspaper reported, citing a “senior” unnamed person in the group. Credit Suisse employed 46,600 people at the end of the second quarter, a 3.3 percent increase from June 2014, according to its website.