Credit Suisse records Q4 loss of 2.35b francs on litigation charge

Zurich

CREDIT Suisse Group AG posted a fourth-quarter loss of 2.35 billion francs (S$3.3 billion) after taking a charge to settle a US investigation into the role of its mortgage securities business in the 2008 financial crisis. For the full year 2016, the bank incurred a net loss of 2.44 billion francs.

The bank is set to cut up to 6,500 jobs this year in a bid to cut costs. "We're setting a target now of between 5,500 and 6,500 for 2017," chief financial officer David Mathers said in a call with analysts on Tuesday after the bank published earnings.