Credit Suisse experienced a significant decline in profit in the third quarter of 2012, it has revealed.
Figures published by the Swiss bank this morning (25 October) have shown that it made CHF 254 million ($273 million) during the three-month period ending in September.
This represents a 63 per cent slump on the CHF 683 million profit recorded in 2011's quarter three and the financier attributed this sharp downward movement to the pre-tax charge of CHF 1.05 billion it had to pay to facilitate the change on how banks have to value their debt.
Furthermore, the financier has also indicated it intends to reduce its costs by a further CHF 1 billion in 2014 and 2015.
Brady Dougan, chief executive officer at Credit Suisse, insisted the company is "successfully executing" its strategic reforms in the aftermath of the banking crisis.
"We have realigned our business to better meet the demands of a changed regulatory and market environment and, in doing so, have substantially reduced risks," he added.
By Tony Aynsley