LONDON--(Marketwire - Nov 27, 2012) - For companies operating in the foreign money center banks industry, such as Credit Suisse Group AG and UBS AG, the ongoing protracted European recession seems to be creating challenges and increasing focus on cost containment measures. A number of industry players are also facing legal action relating to various occurrences which took place in the run-up to the recent financial crisis.
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In an effort to enhance efficiency and lower costs, Credit Suisse recently announced plans to rearrange its organizational structure and management team which are due to come into effect at the end of November. The company reportedly aims to achieve around $4.2 billion in savings by 2015 by overhauling its business and through layoffs. Analyst opinion on Credit Suisse Group accessible for free at
Elsewhere in the industry, UBS has lately announced its intention to slash up to 10,000 jobs in its investment banking unit, as it looks to reorganize its business. The bank has stated its aim to focus on developing its market-leading wealth management business while downsizing troubled units, particularly its investment banking unit. See what our analysts have to say on UBS. Follow the Link below
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