Credit Suisse posts $2.2B loss to end ‘challenging year’

GENEVA (AP) — Credit Suisse has reported a fourth-quarter loss of $2.2 billion as the top-drawer Swiss bank wrapped up “a year of challenges” marked by bad bets on a hedge fund, set asides for legal costs, and accounting changes due to its acquisition of a U.S. investment bank over 20 years ago. Switzerland’s second-largest bank said revenue in the fourth quarter fell 12% to 4.6 billion francs, compared with a year earlier. The Zurich-based bank posted a pre-tax loss of 1.6 billion francs stemming in large part to goodwill linked to its acquisition of an investment bank in 2000.