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Net profits dive for Credit Suisse, banking giant to further cut costs

ZURICH -- Swiss banking giant Credit Suisse said on Thursday that third-quarter net profit plunged 63 percent to 254 million Swiss francs (US$225.6 million) and that it would enact further cost cutting measures.

The net profit slightly exceeded the 230 million Swiss francs expected by analysts surveyed by Swiss financial news agency AWP.

However the bank increased its intake of new funds by 20 percent compared to the level the previous quarter to 5.3 billion Swiss francs and said that assets under management rose by 3.1 percent to 1.25 trillion.

“We are successfully executing on the strategic measures we began last year,” said chief executive Brady W. Dougan said in a statement.

“We have realigned our business to better meet the demands of a changed regulatory and market environment and, in doing so have substantially reduced risks,” he added.

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