Credit Suisse reports big loss amid sour market conditions

GENEVA – Swiss bank Credit Suisse reported Tuesday a loss of 302 million Swiss francs ($310 million) for the first quarter, when market volatility discouraged client activity, while pressing apace with planned staff reductions.

The loss compared with a profit of 1.05 billion francs a year earlier. Revenues plunged 30 per cent to 4.64 billion francs.

Still, the loss was not as bad as investors had feared, and the shares rose 3.7 per cent to 13.93 francs in Zurich.

The bank said that during the quarter it achieved over half of its 2016 target for 1.4 billion francs in net cost savings, and has reduced 3,500 positions of a total 6,000 planned reductions this year.

Chief Executive Tidjane Thiam pointed to the bank’s “good progress” in speeding up cost and headcount reductions, delivering profit growth in wealth management and maintaining a strong capital position amid an “extremely challenging market backdrop.”