Credit Suisse said it will accelerate its cost-cutting programme — read job cuts — after posting its first annual loss since 2008.

The bank announced on Thursday that it took a CHF3.8 billion ($3.8 billion, £2.6 billion) impairment charge on assets in the fourth quarter, pushing the bank more than CHF2 billion in to the red for the year.

Credit Suisse blamed market volatility for poor performance in its investment bank and trading divisions.

Stock markets around the world have had a tough time since August when China’s “Black Monday” stock market crash brought fears over the country’s growth to the front read more >>>

Source : BusinessInsider.Com