Business

Credit Suisse bank falls into loss

Credit Suisse building
Image caption Credit Suisse employs about 50,000 people worldwide

Credit Suisse has reported a loss of 637m Swiss francs ($698m; £440m) for the last three months of 2011.

Brady Dougan, chief executive of Switzerland's second-largest bank, described the loss as "disappointing".

Credit Suisse has been cutting costs aggressively in order to meet new rules on the amount of capital banks must hold in reserve.

The loss compares with a 683m-franc profit that the bank reported in the fourth quarter a year ago.

In a statement, Mr Dougan said: "Our performance for the fourth quarter 2011 was disappointing.

"It reflects both the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements.''

Credit Suisse employs about 50,000 staff worldwide and manages more than $1 trillion in assets.

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