Credit Suisse disappoints on poor trading result

ZURICH (Reuters) - Credit Suisse said on Thursday it will cut more costs, after fourth-quarter net profit missed expectations on sluggish results from its investment bank.

The Zurich-based bank said it will slash spending by 4.4 billion Swiss francs ($4.83 billion) by the end of 2015, up from a previously-announced target of 4 billion.

Fourth-quarter net profit of 397 million francs undershot analyst forecasts, which averaged 645 million francs in a Reuters poll.

Revenue and profit from Credit Suisse's investment bank slid from the third quarter, with client activity muted in both main fixed income and equity arms, the bank said.

Meanwhile, revenue and profit at the private bank, recently merged with Credit Suisse's asset management unit, rose on the year.

Thus far, Credit Suisse has been coy about how many employees it plans to let go in order to reach its spending cut target, beyond 3,500 jobs it said in November 2011 it would chop.

The bank employed 47,400 staff at the end of December, meaning it shed 1,000 employees since September.

Credit Suisse said it would pay shareholders 0.75 francs per share, of it 0.10 in cash and the remainder in shares, compared to 0.75 per share in 2011.

($1 = 0.9105 Swiss francs)

(Reporting By Katharina Bart, editing by Emma Thomasson)

Source: http://news.yahoo.com/credit-suisse-lifts-cost-cutting-goal-swings-q4-054711637--finance.html

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