News Summary: Cost-cutting boosts Credit Suisse Q1

News Summary: Credit Suisse Q1 profit jumps to $1.37 billion thanks to fewer charges on debt

Associated Press

THE RESULTS: Credit Suisse Group's cost-cutting efforts helped it record a huge jump in first-quarter profits.

HEADCOUNT DOWN: The bank's workforce of 46,900 people is down 4 percent from 47,400 a year earlier. The downsizing is part of a program that has cut 2.5 billion Swiss francs ($2.66 billion) in costs since 2011, and the bank is on track to extend that to 4.4 billion francs by the end of 2015.

U.S. PROBE: Credit Suisse said it had no new information about when talks with the Swiss government might wrap up over a U.S. investigation of the bank over suspected American tax cheats.

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