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Credit Suisse slashes 1,500 more jobs
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Chief executive Brady Dougan blamed volatile market conditions, the ongoing European debt crisis, regulatory pressures and the strong Swiss franc for a disappointing third quarter SFr683 million ($768 million) profit. While insisting that the bank would be well positioned to take advantage of any upswing, Dougan said the prevailing conditions presented a “challenging environment with…
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His journey takes us to the heart of a $7,000 billion secret. The Swiss hold a third of all global offshore assets, shored up by conservatism and strict banking secrecy laws. With half of this market, just two banks – UBS and Credit Suisse – dominate the heart of the banking sector.
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