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Credit Suisse to slash costs by 1b francs

It also lowers profit targets for international wealth management and Asian units

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Credit Suisse says it has cut 6,050 jobs this year, exceeding its target of 6,000 positions.

Zurich

CREDIT Suisse Group AG has lowered profit targets at two units and pledged to cut another one billion Swiss francs (S$1.4 billion) in costs, as a slump in asset management and investment banking forces chief executive officer Tidjane Thiam to adjust his turnaround plan.

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