C Suisse said planning to rein in costs: lowering bonuses, moving jobs

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Credit Suisse has outlined measures to deal with the strong Swiss franc, as it took an axe to its balance-sheet after posting fourth-quarter net profit ahead of analysts' estimates.

Reuters reports that like many big Swiss companies, Credit Suisse holds a considerable portion of its assets in euros, dollars and othercurrencies, but reports in francs, raising its exposure to exchange rate movements following the franc's surge last month.

The bank plans to slash costs following the Swiss central bank's decision to allow the currency to float freely, in part by lowering bonuses this year and moving support jobs out of high-cost Switzerland.

'Based on 2014 earnings, we estimate the net adverse impact on our profit to be approximately 3 percent and expect to more than offset this impact through the announced measures by end-2017,' Credit Suisse Chief Executive Brady Dougan said in a statement.

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Credit Suisse outlines measures to deal with strong franc

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