International banking giant Credit Suisse (CS) posted a fourth-quarter loss as the firm struggled with adverse market conditions and costs tied to new compliance measures in the post-Basel III world.
The Swiss bank recorded a loss of about $698 million down from a profit of $923 million in the final three months of 2010. Revenue for the quarter fell to $4.9 billion from $7.64 billion during the same period a year earlier.
"Our performance for the fourth quarter 2011 was disappointing," CEO Brady Dougan said. "It reflects both the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements.”
Credit Suisse said the ongoing low interest rate environment negatively impacted private banking results, with lower levels of client activity and higher corporate expenses associated with legal and regulatory matters.