Credit Suisse reveals shock loss
Credit Suisse Group has reported a fourth-quarter net loss of 637 million Swiss francs (698 million US dollars), far below what analysts expected.
The chief executive of Switzerland’s second-largest bank Brady Dougan said the “disappointing” loss is due to aggressively cutting costs and risks including holding more capital as it is required.
In the previous quarter the bank reported a weak 683 million Swiss francs (785 million US dollars) profit and announced 3% across-the-board job cuts by the end of 2013, an elimination of 1,500 jobs on top of earlier plans to trim 2,000 jobs.
Credit Suisse faces similar structural problem as rival UBS and has yet to close the book on a US tax evasion probe.
Analysts’ consensus estimates were for a fourth-quarter profit of 431 million francs.
