C Suisse said tells big departments to slash spending by 7 to 10%

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Be prepared - up to $2bn in cost savings sought.

Reuters reports that Credit Suisse could cut up to $2.08bn in costs as part of a revamp that new Chief Executive Tidjane Thiam will announce this month, the Schweiz am Sonntag paper reported.

Without naming its sources, the Sunday paper said heads of big departments had been told to slash spending by 7 to 10%.

'This is the order of magnitude that you have to be prepared for', it quoted an unidentified senior executive as saying.

In the meantime, Bloomberg reports that Credit Suisse is considering selling stock in an offering that may raise $6.2bn - $9bn, people with knowledge of the discussions said.

The bank plans to proceed with the sale after presenting a new strategy to investors later this month, said one person, who asked not to be identified because the matter is private. The company hasn’t made a final decision on the amount, the people said.

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