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July 13, 2020, 3:16 a.m. EDT

Credit Suisse mulling job cuts to hit profit targets: report

Credit Suisse (NYS:CS) (SWX:CH:CSGN) could cut "hundreds" of jobs to reach profit targets as part of a new savings program, the Swiss weekly newspaper SonntagsZeitung reported on Monday. Among the measures being considered, 120 branches could be trimmed down, and risk and compliance units could be merged, and the investment bank could split into two units, global markets and investment banking and capital markets. SonntagsZeitung said no decision had been made yet. "On an ongoing basis, we consider a broad range of options to identify ways to further improve how we serve our clients and achieve our strategic goals in a compliant, profitable way. We are in a constant dialogue on these topics with our investors," said a bank spokesman in a emailed comments to MarketWatch. As for branch reductions, he referred to this comment by Group CEO Thomas P. Gottstein earlier this year: "Online banking has received a boost, for example in payment transactions. The importance and thus the number of branches will therefore continue to decline."

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