Wednesday, April 25, 2012

CREDIT SUISSE PROFIT FALLS BY ALMOST 100%

The Swiss bank, Credit Suisse's  profit fell 96 percent in the first quarter,  the dual headwinds of a new regulatory environment and an economic slump.

Profit in the first three months fell to 44 million Swiss francs ($48 million) from 1.1 billion francs in the first quarter of 2011, driven by a charge on the value on its own debt and a pullback in its investment banking business. Net revenue dropped to 5.9 billion francs from 7.8 billion francs.

Credit Suisse further reduced its risky assets and said its cost-cutting plan is on track.

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