After posting a fourth quarter loss of $494m, Muehlemann was cautious about the outlook for this year. Full year profits for 2001 declined 72% to $950m.
The Q4 loss was mainly due to the costs of shedding 2,500 jobs at investment bank subsidiary Credit Suisse First Boston.
Insiders believe that further cuts are on the way at the investment bank as it's compensation expenses remain at about 58%, among the highest on Wall Street.
Credit Suisse Expects Tough 2002
Credit Suisse Chairman and Chief Executive Lukas Muehlemann revealed Tuesday that the could not guarantee that his group will report better earnings in 2002 than last year, which was a tough one.
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