The Business Times
SUBSCRIBERS

Credit Suisse boosts asset cuts amid concerns over capital

Published Thu, Feb 12, 2015 · 09:50 PM

Zurich

CREDIT Suisse Group, under pressure to boost capital, increased its planned asset reductions and proposed a dividend payable either in shares or cash.

Switzerland's second-biggest bank on Thursday posted fourth-quarter net income that amounted to 921 million francs (S$1.34 billion), compared with a 476 million franc loss in the year-earlier period. The lender cut bonuses for the group and the executive board.

Chief executive officer Brady Dougan has been scaling back the investment bank and selling real estate to boost Credit Suisse's capital buffers, hurt last year by a US$2.6 billion fine for helping Americans evade taxes.

The prospects of stricter leverage requirements in Switzerland have raised questions about the strength of the bank's balance…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here