A major European bank has revealed it suffered significant losses during the final quarter of last year due to a number of factors.
It has emerged that Credit Suisse - which manages around $1 trillion in assets and employs 50,000 people globally - experienced a financial decline of 637 million Swiss francs ($698 million) throughout this three-month time frame.
This represents a marked reversal on the 683 million-Swiss franc profit it recorded in the corresponding quarter one year previously and Brady Dougan, chief executive of the lender, labelled the figures "disappointing".
Mr Dougan indicated the combination of poor market conditions and the effect of measures the firm has had to take to "swiftly adapt our business to the evolving market and regulatory requirements" are responsible.
Last week, it was revealed that Credit Suisse - along with 11 other banks - is being investigated by the Swiss Competition Commission under suspicion of manipulating key lending rates.
By Gary Cooper
