Credit Suisse today reported a record full-year loss of 8.2bn Swiss francs (£4.91bn) after suffering losses of Sfr14.2bn at its investment bank in 2008.
Credit Suisse today reported a record full-year loss of 8.2bn Swiss francs (£4.91bn) after suffering losses of Sfr14.2bn at its investment bank in 2008.
Switzerland‘s second-largest bank is already shedding 5,300 jobs and said it was halfway to its target of bringing its headcount down to 47,800 by the year end. The investment bank’s staff is being shrunk by 2,200, to 17,500, and the bank said it was on track to deliver Sfr2bn of cost-savings.
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It underlined the depth of the crisis unleashed in the final quarter of last year by recording a pre-tax loss of Sfr7.8bn in investment banking. But Brady Dougan, chief executive, insisted that CS had made a “strong” start to 2009 and is trading profitably across all divisions.
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