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The bank estimated Wednesday in its financial report that it faced possible losses of up to $2.3 billion due to litigation, but did not specify how much of this might be due to the tax evasion battle. Chief Financial Officer David Mathers told reporters that the bank has been "aggressively reducing risks and costs" and is "ahead of the competition" in terms of complying with new industrywide requirements for banks to increase their capital cushion. Swiss media had speculated before Wednesday that Credit Suisse was preparing to announce the loss of thousands more jobs. The bank has already announced plans to cut 3 percent of its global workforce and save about 2 billion francs in annual costs by the end of 2013. The bank's financial report showed that since the fourth quarter of 2011 it had cut 1,000 jobs, taking its workforce down to 48,700 employees. Private banking lost 800 jobs; investment banking lost 200.
[Associated
Press;
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