Business News
Credit Suisse reports quarterly loss of 698 million dollars
Feb 9, 2012, 7:17 GMT
Zurich - Credit Suisse Group AG went into the red for the first time in three years, reporting Thursday a 637-million-franc (698-million-dollar) loss in the fourth quarter as it sought to reorganize its investment bank.
Analysts had predicted a profit for Switzerland's second-largest bank. The loss compared with earnings of 841 million francs in the same quarter a year earlier.
Like many of its competitors, the Zurich-based bank has seen things go from bad to worse in the vacillating investment banking sector. It took a 981-million-franc charge in the fourth quarter to reorganize it.
Read more about CreditSuisse
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