Credit Suisse Takes Big Loss on Write-Down in 4th Quarter
- 8 years ago
A greater emphasis on wealth management failed to bolster Credit Suisse’s results as turbulent markets and a substantial charge associated with its restructuring led to a loss of billions of dollars in the fourth quarter.
Shares of Credit Suisse declined as much as 12 percent in Zurich trading on Thursday as the bank posted the loss of 5.83 billion Swiss francs, or about $5.75 billion, compared with a profit of 691 million francs in the same quarter a year earlier.
The loss, which was bigger than analysts had expected, was largely because of a write-down of 3.8 billion francs as it reassessed the value of its investment bank as part of a continuing overhaul.
It was the first annual loss for Credit Suisse since 2008.
Shares of Credit Suisse declined as much as 12 percent in Zurich trading on Thursday as the bank posted the loss of 5.83 billion Swiss francs, or about $5.75 billion, compared with a profit of 691 million francs in the same quarter a year earlier.
The loss, which was bigger than analysts had expected, was largely because of a write-down of 3.8 billion francs as it reassessed the value of its investment bank as part of a continuing overhaul.
It was the first annual loss for Credit Suisse since 2008.