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Analysts were expecting a profit of more than $400 million.
The drop was due to charges of just over $1 billion for offloading some of its risky assets in order to meet new capital regulation.
But Credit Suisse Chief Executive, Brady Dougan, said he was still optimistic about the future:
“I think certainly this year, clients are beginning to feel more confident about the markets and about conditions out there and if we continue to see economic growth and job creation around the world. I think that will actually lead our clients becoming more confident and more comfortable with their approach to investing and that’s something I think would be positive for the business and positive for the environment generally.”
Dougan said the bank had made considerable cuts to bonus payments to senior staff:
“We announced the economic value of our variable contribution for the firm as a whole is down 41% for the executive board, so that’s obviously a very significant reduction for our executives and our management team and I think very much in line with the overall performance of the business.”
Switzerland’s second-largest bank says it’s on track to meet an $88-billion target in the first quarter by further slashing its bad investments.
But it’s making shareholders share the pain by proposing to almost halve its dividend to $0.82 from around $1.40 in 2010.
Last year, it also announced plans to cut 3,500 jobs – around 7% of its workforce – saving it more than $2 billion. But no new redundancies are planned.