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C Suisse said to face Italian money laundering probe

Milan prosecutors are investigating Credit Suisse on suspicion of money laundering and tax evasion over billions of euros of insurance policies sold Italian clients and used to shield funds from authorities, people with knowledge of the case said.

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Deutsche Bank sets trading unit target above 10%

Garth Ritchie, who leads Deutsche Bank’s trading business, told staff the firm is targeting a profitability target of more than 10% for the unit as Europe’s largest investment bank reorganizes in a bid to boost returns.