- To substantially reduce risk and cost base; to cut costs by CHF2B
- Sees net loss of CHF3B as of end of Nov; loss reflects difficult markets, cost of risk reduction
- Sees risk-weighted assets $170B by end of 2008, $135B by end of 2009
- Says underlying 1-day var cut by 60% in 2008 until end of Nov
- Tier 1 Ratio is expected to be around 13% at year end
- Continued commitment to integrated model
- Will also cut 1.4K contractors
- Majority of job cuts to be completed by end of H1 2009

Other headlines for [CS]

• Yesterday 10:19pm
  Companies that refer investors to hedge funds are seeing a slowdown - WSJ- The business of recruiting investors to hedge funds is slowing due to industry losses and Bernard Madoff. - Deutsche Bank more...
  
• 1/2/2009 02:53am
  Citigroup analysts cut European Banking sector view to "Underweight" from "Neutral"
  
• ADN.UK 12/31/2008 02:07am
  Aberdeen Asset Management Credit Suisse confirms purchase of stake in firm following transfer of UK based Global Investors Unit- Credit Suisse to take 24.9% stake in Aberdeen in share offering valued at £250M - Aberdeen to more...
  
• 12/30/2008 11:04pm
  (US) As part of the Madoff probe, federal prosecutors are examining offshore tax havens - NYT- The prosecutors are trying to determine if Madoff and some of his clients moved funds offshore in a move more...
  
• CS 12/30/2008 10:15pm
  Credit Suisse Group Aberdeen Asset Mangement is expected to unveil the acquisition of the company's UK asset managment unit today; the all stock deal may be worth £200-250M - Telegraph- The acquisition would make more...
  

Financials sector headlines

• LYG Today 04:45pm
  Lloyds TSB Group plc DoJ: Llyods TSB to pay $350M settlement over helping Iran and Sudan gain illegal banking access to US banking- the bank engaged in falsifying records that allowed access to countries that were more...
  
• EQR Today 04:10pm
  Equity Residential To take Q4 impairment charge of $0.39/shr due to reduced development activitiy, could implement more workforce reductions- The impairment charge is the difference between each parcels estimated fair more...
  
• GNW Today 04:05pm
  Genworth Financial Inc OTS: Application to be thrift holding company still pending
  
• IVZ Today 04:00pm
  Invesco Reports Dec AUM $357.2B v $348.0B m/m
  
• HIG Today 03:57pm
  The Hartford Financial Services Group Inc Office of Thrift Supervision (OTS): HIG receives approval to become Thrift holding company- this approval will allow HIG to recieve money from the federal rescue fund.