Credit Suisse back in the black
Switzerland's second biggest bank, Credit Suisse, has posted a first-quarter net profit of SFr2 billion ($1.72 billion) after a turnaround in its investment bank.
The profit was twice as much as was expected by analysts, and follows a net loss of SFr2.15 billion in the same quarter last year and a SFr4 billion loss in the fourth quarter.
Chief executive Brady W. Dougan said on Thursday the results showed “the benefit of the measures we took last year across the bank, including cost reductions and the further strengthening of our capital position”.
“We remain optimistic about the prospects for Credit Suisse,” Dougan said in a statement.
Credit Suisse posted its biggest ever loss – SFr8.2 billion – in 2008 and embarked on a major cost cutting drive, slashing 11 per cent of its workforce.
Many of the job cuts fell in its investment banking business, which had caused billions in writedowns for the group as a whole.
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