Report - C Suisse to pull back from up to 50 countries to make savings

Departure

Credit Suisse's wealth management business will pull out or partially withdraw from some 50 countries by the end of the year, a Swiss newspaper reported on Tuesday, as part of a drive to save $4.8bn.

Reuters reports that the move, affecting countries such as Angola, Turkmenistan and Belarus, is part of efforts to save $164.5m in the wealth management unit, the Tages Anzeiger daily reported on Tuesday.

In other markets including Denmark and Israel, the bank will shut out less wealthy clients and focus on those with balances over $1.097m, the paper said.

To access the complete Reuters article hit the link below

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