Thursday April 9, 2020

Credit Suisse posts 96% drop in profits on debt charge

Credit Suisse Group reported a 96 per cent decline in first-quarter profit after booking accounting charges related to its own debt and costs for 2011 bonuses.

25th April, 2012
Credit Suisse decided to scale down its investment bank last year.

Credit Suisse Group reported a 96 per cent decline in first-quarter profit after booking accounting charges related to its own debt and costs for 2011 bonuses.

Net income fell to 44 million Swiss francs (€37 million) from 1.14 billion francs in the year-earlier period, the Zurich-based bank said in a statement today. That beat the 297.9 million-franc average loss estimate of nine analysts surveyed by Bloomberg.

Credit Suisse decided to scale down its investment bank last year as the European...

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