Credit Suisse swings to loss in Q4
Credit Suisse Group has reported a net loss of CHF637m, or CHF0.62 diluted loss per share, for the fourth quarter of 2011, compared to a net income of CHF841m, or CHF0.59 diluted income per share, for the same period in 2010.
Net revenues for the fourth quarter of 2011 declined to CHF4.47bn, compared to CHF6.96bn for the same period a year ago.
Investment banking unit reported a loss before taxes of CHF1.30bn, compared to income before taxes of CHF558m for the same period in the previous year.
Net revenues in the investment banking division decreased 64% to CHF1.25bn.
Asset Management division's pre-tax income declined 52% to CHF 87m and net revenues were down 26% to CHF455m for the fourth quarter of 2011.
Private Banking, which comprises the global Wealth Management Clients business and the Swiss Corporate & Institutional Clients business, reported income before taxes of CHF467m for the fourth quarter of 2011.
Credit Suisse CEO Brady Dougan said that the company's performance for the fourth quarter 2011 reflects both the adverse market conditions during the period and the impact of the measures they have taken to swiftly adapt their business to the evolving market and regulatory requirements.
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