Credit Suisse results hit by cutting risk

Credit Suisse recorded a “disappointing” net loss of SFr637 million ($700 million) in the last quarter of 2011, partly as a result of ditching risky business lines. 

Chief executive Brady Dougan blamed “adverse market conditions”, but also admitted that the accelerated exit of certain investment banking operations cost the group nearly SFr1 billion.

Link (submitted by Leo)