Lower trading revenues drag down CS results
Credit Suisse reported fourth quarter net income of Sfr793m on Thursday as its private bank unit continued to attract new money, though the investment bank division performed worse than in the third quarter, and the results failed to meet analysts’ expectations.
In line with the rest of the industry, the firm was unable to repeat the exceptional fixed income and trading revenues of the previous quarter.
Fair value charges as a result of tightening credit spreads, and charges for the settlement with the US authorities hit the results.
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