Credit Suisse posts $1.4B pre-tax loss as woes go on in 4Q

GENEVA (AP) — Credit Suisse has reported a pre-tax loss of more than 1.3 billion Swiss francs, or about $1.4 billion, in the fourth quarter of last year. The results Thursday come as new managers vie to right the top-drawer Swiss bank that has faced a string of setbacks in recent years and is trying again to restructure. The bank also announced the $175 million purchase of the investment banking business of U.S.-based M. Klein & Co. and plans to roll those operations into the revived CS First Boston investment bank. The Zurich-based company said net revenue sank 20% compared with a year ago, coming in at 3 billion francs for the fourth quarter.