Credit Suisse reports its first loss in three years

Source: Bloomberg
The second largest Swiss bank Credit Suisse posted a loss in 4th quarter, first time since 2008, harmed by unfavourable markets and costs related to reorganization of its investment bank unit. The net loss totalled CHF 637 billion (USD 698 billion) compared to CHF 841 billion profit year earlier. Analysts predicted a profit at CHF 446 billion. Credit Suisse already have announced two-step job eliminations and said it plans the reorganization of wealth management division.
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