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Credit Suisse CEO stands behind strong Q4 despite questionable performance results

Credit Suisse CEO Brady Dougan insists Q4 results reflected a solid quarter but critics remain skeptical after report showed net profit below analyst forecasts.

While Credit Suisse CEO Brady Dougan insists that the company’s recent Q4 results reflected a "good, solid fourth quarter," critics are skeptical after the report showed net profit below original analyst forecasts. Dougan did concede to the fact that the group had "continuing work to do" to resolve litigation issues due to what he referred to as macro conditions, however, he stands behind his statement that Q4 ended on a strong note for what has been a “challenging quarter for the industry.”

According to a recent CNBC report, net profit for Credit Suisse’s fourth quarter came in at 267 million Swiss francs or $295 million, lower than Reuters’ forecast of 448 million Swiss francs. The second largest Swiss bank by market value took a 339 million Swiss franc provision in the quarter to cover ongoing mortgage litigation and another 175 million Swiss franc provision for a U.S. tax probe into accounts hidden in Switzerland. 

Contributing Author

Stefanie Mosca

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