Credit Suisse Swings to Surprise Loss

ZURICH: Credit Suisse Group AG Thursday reported an unexpected loss for the fourth quarter as it took a major restructuring charge and accelerated efforts to exit risky investment-bank holdings.

The Zurich-based bank swung to a net loss of 637 million Swiss francs ($698.1 million) from a 841 million franc net profit, missing the 367 million-franc profit analysts expected. Revenue slumped 46% to 4.47 billion francs from 6.9 billion francs a year earlier.

Source: WSJ