Credit Suisse sees SwFr 3bn 3Q loss - Spear's Magazine

Credit Suisse sees SwFr 3bn 3Q loss

For the year to end-November, Credit Suisseannounced a fourth quarter net loss of SwFr 3 billion, following a SwFr 1.3 billion loss in the third quarter.

For the year to end-November, Credit Suisseannounced a fourth quarter net loss of SwFr 3 billion, following a SwFr 1.3 billion loss in the third quarter. The bank said it had registered a modest profit in the month of November itself, and solid asset inflows in private banking.

The group said in a statement today it would continue to invest in the growth of its private banking business globally and in its home market, and had exceeded its initial hiring target for the year.

The bank also announced further efficiency measures, and an accelerated restructuring plan with a SwFr 2 billion cost reduction programme for 2009, including a headcount reduction of 5,300, two-thirds of which in its investment banking

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