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Credit Suisse's Layoffs Are Going Really Well: CEO

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Great work everyone and great news: the fun isn't over yet.

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said he’s confident in delivering planned cost cuts this year after a tumultuous first quarter sparked a second quarterly loss...Thiam, 53, in March unveiled a second restructuring round, deepening cost cuts and eliminating thousands of jobs to focus on wealth management. While the securities unit reported a loss in the first quarter, hurt by writedowns on high-risk securities, Credit Suisse maintained its key capital ratio, with the CEO signaling it may exceed targets for gross cost savings this year.

Credit Suisse Posts Loss as CEO Signals Cost-Cuts Progress [Bloomberg]

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