But there was better news at investment banking subsidiary CSFB. The investment bank's $19m loss was significantly less than the $939m posted in the last quarter of 2001. The bank revealed a 26% decline in expenses and a 30% fall in personnel costs.
Chief Financial Officer Philip Ryan said: 'We have significantly exceeded the $1bn (cost cutting) target that we set and we expect profitability to be very, very much higher' following the restructure.
Although investment banking revenues were down on a year ago, they were up on the last quarter. No further job losses are expected.
Better News At CSFB - At Last
Credit Suisse Group's first quarter profits fell 74% as the financial services giant wrote down the value of stock holdings at its insurance unit and lost money in investment banking. Net income fell for the fifth straight quarter to $227.5m.
'Gang Of One' - The True Story Of How A Successful Banker Coped With Prison Life
'The End Of Normal' - The Stigma Of Being A MadoffNews RSS Feed Like us on Facebook Linkedin Follow us on Twitter
Videos
Latest in Business
back-up- 'Old Traders' - Chapters I - VIII
- RBS Chairman Defends Stephen Hester's Near-£1m Bonus
- Here Is The City Hits New Readership High - 414,059 Unique Users
- Top Firm Said To Be Cutting Bonuses & Jobs
- BofA, BNY Mellon, MF Global, John Paulson, Allen Stanford
- UBS Faces Formal FSA Investigation After Kweku Adoboli Charges
- Ex-MF Global Chief Risk Officer Says He Expressed 'Concerns' & Urged 'Caution'
- Ed Miliband's Speech On Banking - Pay 'Too Big, Too Often'
- MF Global 'Board And Senior Management Were Highly Sophisticated'
- BofA, Credit Suisse, Jefferies, MF Global, RBS, UBS
- Changes To UBS Board Of Directors
- Barclays, Bank Of Nova Scotia, Blackstone, Deutsche, Evercore, JPMorgan, MF Global, UniCredit
- M&A & Capital Markets Snapshot
- Financial Services Authority Asks For £78m More In Funding
- Featured Training Company of the Month – PRPi Training Limited
- Recruitment Firms We Like
- London Deals - Audi R8 or Aston Martin Rental, Piano / Guitar Learning, Helium Balloons, Hotels, Overnight Stays, Luxury Manicure & Pedicure, The Spa Boutique
- CEO Admits That Firm Broke Bonus Promise
- Deutsche Bank 2011 Compensation Details Now Out
- SEC Charges Former Credit Suisse Investment Bankers
- Letter From Mark Zuckerberg In Facebook IPO Filing
- Citi, Credit Agricole, Goldman, JPMorgan, Morgan Stanley, Nomura, Societe Generale
- FaceBook IPO - The Best From Around The Web
- Tory MPs Call For More Knighted Bankers To Get Fred Goodwin Treatment
- Jefferies Acquires Hoare Govett From Royal Bank Of Scotland
- And The Coolest Firm For Bonuses In 2011 Was...
- Goldman - Kicked In The Face(book)
- And The World’s Most Valuable Banking Brand In 2012 Is....
- RBS Bonus Rumour Of The Day
- Al-Qaida-Inspired Plotters Planned Attacks On High-Profile London Targets
- 2012 Bank of America Chicago Marathon Registration Now Open
- NYSE Euronext & Deutsche Boerse To Terminate Merger Agreement
- A Career In Investment Banking - From Intern To CEO You're Really On A Hiding To Nothing
- Bonus Quote Of The Week
- The Mob Is In Control - But That Might Not Be Such A Bad Thing
- Fred Goodwin Knighthood - The Backlash
Features
- And The Best Place To Work In The Global Financial Markets 2011 Is...
- The Top 100 Financial Markets Firms 2011
- Recruitment Firms We Like
- Execuzen - Best Search Firm 2011
- Eximius Group - The Best Contingency Recruitment Firm 2011
- Hays Financial Markets - Best Temp / Interim Recruitment Firm 2011
- Holmes Search - The Best Compliance Recruitment Firm 2011
- Huxley Associates - Best HR Recruitment Firm 2011
- Selby Jennings - The Best Front Office Recruitment Firm 2011
- Selby Jennings - The Best IT Recruitment Firm 2011
- Selby Jennings - The Best Risk Management Recruitment Firm 2011
- Tay Associates - Best Secretarial / PA Recruitment Firm 2011
