AP News

Credit Suisse posts 63 percent drop in 3Q profits

GENEVA (AP) — Credit Suisse Group has posted a 63 percent decline in third-quarter net profits over a year ago in the same quarter.

Switzerland's second-biggest bank says it had net profits of 254 million Swiss francs ($272 million) between July and September, compared with 683 million francs ($785 million) in the comparable period of 2011.

The company attributed the decline to an accounting charge on the bank's own debt.

The Zurich-based bank said in a statement Thursday before the opening of the Zurich exchange that it intends to cut another 1 billion francs in costs in 2014 and 2015, on top of 3 billion in previously announced cost-cutting measures it plans to have achieved by the end of next year.

Chief Executive Brady Dougan said the bank has "significantly cut costs and improved efficiencies" while also reducing risks and strengthening its capital cushion.

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