ZURICH: Credit Suisse Group AG posted a fourth-quarter loss of 2.35 billion francs (US$2.34bil) after taking a charge to settle a US investigation into the role of its mortgage securities business in the 2008 financial crisis. The bank pledged to cut between 5,500 and 6,500 jobs this year.
The shortfall, resulting in the second consecutive annual loss for the Swiss bank, was bigger than the 2.07 billion-franc loss predicted on average by seven analysts surveyed by Bloomberg. The bank put aside 2.17 billion francs to top up legal provisions, including for its US$5.3bil settlement with the US Justice Department, the Zurich-based lender said in a statement.
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