Showing posts with label credit suisse profit falls. Show all posts
Showing posts with label credit suisse profit falls. Show all posts

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.