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News Summary: Credit Suisse 3rd-qtr profit slumps

The Associated Press
Thursday, 25 Oct 2012 | 4:40 PM ET

PROFIT DOWN: Credit Suisse Group, Switzerland's second-largest bank, reported net profit of 254 million Swiss francs ($272 million), down 63 percent from a year ago.

CUTS: The Zurich-based bank said it will boost cost cutting. It already had plans to cut 3 billion francs ($3.2 billion) in costs and shed 7 percent of its workforce, or about 3,500 employees.

AND MORE CUTS: Now it aims to cut an additional 1 billion Swiss francs ($1.07 billion) in costs in 2014 and 2015 but didn't offer details on how many more jobs are targeted.

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