Credit Suisse Swings to Loss in Fourth Quarter
February 14 2017 - 1:52AM
Dow Jones News
By Brian Blackstone
ZURICH--Credit Suisse Group AG (CSGN.EB) swung to a wide loss
the previous quarter due to a hefty settlement the Swiss banking
giant agreed to pay to resolve crisis-era mortgage securities
cases.
Credit Suisse said Tuesday that its net loss was 2.3 billion
Swiss franc ($2.3 billion), versus expectations of a CHF2.04
billion loss according to a consensus of analyst estimates compiled
by the bank.
During the same quarter of 2015, Credit Suisse posted a heftier
loss of CHF5.8 billion due to restructuring costs associated with
its pullback from investment banking. Its net profit for the third
quarter of 2016 was CHF41 million.
It posted revenues of CHF5.4 billion for the fourth quarter,
compared with CHF4.3 billion a year earlier.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
February 14, 2017 01:37 ET (06:37 GMT)
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