April 25 - Swiss bank Credit Suisse eked out a small first-quarter profit, as cost cuts and a better-than-expected showing from its fixed income arm offset a 1.5 billion Swiss franc ($1.65 billion) charge on its debt. Hayley Platt reports
From big loss to small profit - that's the surprise first quarter result from Credit Suisse. Analysts were confounded by the 48 million dollar net profit. They'd predicted the Swiss bank would be hit by 1.6 billion charge on its own debt. But CEO Brady Dougan said bigger than expected cuts had paid off SOUNDBITE: Brady Dougan, Chief Executive. Credit Suisse, saying (English): "We moved early in terms of our cost base. We've been very effective in doing that. We set a target of a billion two annualised in the first quarter. We actually achieved a billion five, so we've actually done a very good job on that." The quarterly profits were also bolstered by the bank's sale of its stake in Aberdeen Asset Management for almost 200 million dollars. (SOUNDBITE) Brady Dougan, Chief Executive. Credit Suisse, saying (English): "We have evolved the business model quite substantially to get to a higher return business in the new Basel III environment. Our target is to achieve 15% higher on a Basel III basis and I believe that our business model over time will be able to produce that." The bank is currently in the process of reducing its workforce by 7 percent - that's a around 3.500 jobs - and says the programme is on target. Hayley Platt, Reuters.