Credit Suisse has reported a fourth-quarter profit that missed estimates as it booked reorganization costs and a charge related to its own debt. Net income was $436m.
CEO Brady Dougan has increased the bank’s cost-cutting program by $439m by the end of 2015 following $4.39bn in planned reductions announced since 2011.
'2012 was a year of transition', Dougan said in the company’s statement. 'We took significant steps to adapt our businesses and our organization to new regulatory requirements, changing client demands and the current market environment'.
'Credit Suisse has a number of levers to improve earnings momentum through investment banking and private banking franchises, supported by an aggressive cost savings plan', analysts Huw van Steenis and Hubert Lam said in a note before Thursday’s release.
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