Credit Suisse back in profit but planning more cuts
Source: Agencies |
February 8, 2013, Friday
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Print Edition
Print Edition
CREDIT Suisse returned to profit in the fourth quarter of 2012 but is planning to cut costs more than previously planned.
The Zurich-based bank said it made a profit of 397 million Swiss francs (US$435 million) during the period, in contrast to last year's loss of 637 million francs.
CEO Brady Dougan said 2012 was "a year of transition" as the bank struggled with tough market conditions and made aggressive cuts while meeting requirements that it hold more capital.
"Going into 2013, revenues have so far been consistent with the good starts we have seen to prior years, with profitability further benefiting from the strategic measures we took in 2012, including our strengthened capital position and our significantly reduced risks and cost base," Dougan said.
Credit Suisse also reported full-year results for 2012 that showed a net profit of 1.48 billion francs, a 24 percent drop from the 1.953 billion francs in 2011.
The bank said that by the end of 2015 it would raise its cost-cutting target by 400 million francs to 4.4 billion francs.
With some 47,400 staff and 924 million francs in assets as of the fourth quarter, the bank is on a list of 29 banks that the Bank for International Settlements - the Switzerland-based central bank for central banks - considers too big to fail.
The Zurich-based bank said it made a profit of 397 million Swiss francs (US$435 million) during the period, in contrast to last year's loss of 637 million francs.
CEO Brady Dougan said 2012 was "a year of transition" as the bank struggled with tough market conditions and made aggressive cuts while meeting requirements that it hold more capital.
"Going into 2013, revenues have so far been consistent with the good starts we have seen to prior years, with profitability further benefiting from the strategic measures we took in 2012, including our strengthened capital position and our significantly reduced risks and cost base," Dougan said.
Credit Suisse also reported full-year results for 2012 that showed a net profit of 1.48 billion francs, a 24 percent drop from the 1.953 billion francs in 2011.
The bank said that by the end of 2015 it would raise its cost-cutting target by 400 million francs to 4.4 billion francs.
With some 47,400 staff and 924 million francs in assets as of the fourth quarter, the bank is on a list of 29 banks that the Bank for International Settlements - the Switzerland-based central bank for central banks - considers too big to fail.
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