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Credit Suisse may cut 4000 jobs

Credit Suisse said it would eliminate about 4,000 jobs as it attempts to cut costs following a huge quarterly loss. The bank posted a net loss for the fourth quarter of 5.3 billion Swiss francs ($5.3 billion), compared to a net profit 691 million francs a year earlier. Tidjane Thiam, the bank’s CEO, said the job cuts would save the firm about 1.2 billion francs per year. Thiam indicated that the poor performance was linked to a number of different factors including sharply falling oil prices, diverging monetary policies by global central banks, a strong Swiss franc and slowing economic growth in China. The company lost even more on a pre-tax basis: 6.4 billion Swiss francs. Thiam previously said that he planned to reduce employee numbers at the bank but did not specify a number.

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