$120m loss at CSFB leads bank to slash 2,000 jobs

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The loss contributed to a SFr300m (€202m) loss at its parent Credit Suisse, Switzerland's second largest bank.

CSFB said it was aiming at $1bn in cost savings by next year, with about 70% coming from the job cuts, while pressing ahead separately with talks aimed at reducing guaranteed compensation for its bankers.

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