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DETROIT (AP) — A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.
By Katharina Bart ZURICH (Reuters) - Credit Suisse Group AG will quit commodities trading after chalking up its biggest loss since the financial crisis in 2008, the result of a 1.6 billion Swiss franc ($1.78 billion) fine from U.S. authorities for helping its clients evade taxes. The Swiss bank reversed a recent vow to stick with its commodities unit, and thus joins the ranks of trading firms answering regulatory demands for more capital by significantly reducing or even shuttering their natural resource trading arms. Credit Suisse's fixed income unit outshone both its wealthy client unit and its U.S. rivals with a 4 percent rise in sales and trading, flouting its own downbeat guidance in May. That compares to drops of at least 10 percent at American banks like Goldman Sachs and JPMorgan last week. Credit Suisse said the commodities cuts, set to save $75 million, would allow resources and funds to be reassigned to its private bank, which disappointed investors with a 39 percent drop in revenue and weaker margins, and swung to a loss due to the fine.