Fixed income sales and trading hit drives investment banking loss at Credit Suisse
A 95% fall in fixed income sales and trading revenues contributed to a Sfr1.305bn fourth quarter pre-tax loss in Credit Suisse’s investment banking division, with all businesses in the division reporting losses compared to the fourth quarter of 2010.
Those results weighed the Swiss bank down, leading to an overall pre-tax loss of Sfr998m for the quarter and dragging 2011 profits before tax to Sfr2.748bn a 60% fall on 2010.
Fixed income sales and trading had revenues of just Sfr36m in the fourth quarter of 2011
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