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Credit Suisse not planning major redundancies in prime services - CFO

ZURICH, April 22 (Reuters) - Credit Suisse does not expect to significantly reduce head count in investment banking and its prime brokerage business as a result of its decision to eliminate at least $35 billion in leverage exposure from the business, Chief Financial Officer David Mathers told Reuters on Thursday.

The bank said on Thursday it will boost capital reserves after taking a multi-billion-dollar hit from the collapse of U.S. investment fund Archegos, while regulators announced an enforcement case against the bank over the matter.

The new risk reduction will strip out about a third of the bank’s exposure in its prime services businesses, Mathers said, but the reduction would occur in terms of capital allocation, rather than significant redundancies, he said. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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