Credit Suisse (CS), the Swiss investment bank, reported 4Q earnings results this morning.  CS reported a net loss attributable to shareholders of CHF 637 million and Core Results pre-tax loss of CHF 998 million.

CS reported investment banking revenue of $1.3 billion, down 64% from the prior year of $3.5 billion. This decline is worse than any of the other bulge bracket investment banks: BAC reported IB results down 34% year-over-year,   at -44%, GS at -43%, JPM at -39%, and MS at -41%.  Lazard recently reported investment banking results down due to a difficult macro environment experienced in 2011.

Brady W. Dougan, Chief Executive Officer, said: “Our performance for the fourth quarter 2011 was disappointing. It reflects both the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements.”

He continued: “In mid-2011, we decided to aggressively reduce risks and costs. This decision was rooted in our belief that the market and regulatory environment is undergoing fundamental change, and that by embracing these developments and proactively adjusting our business model, we can position Credit Suisse to succeed in the new environment.”

Investment Banking Results:

• Per CS release: “Investment Banking reported a loss before taxes of CHF 1,305 million in 4Q11 compared to income before taxes of CHF 558 million in 4Q10 and a loss before taxes of CHF 190 million in 3Q11.”
• Fixed Income sales and trading reported net revenues of CHF 36 million, significantly lower than revenues of CHF 888 million in 4Q10 and CHF 762 million in 3Q11
• Equity sales and trading reported net revenues of CHF 758 million in the quarter, down from CHF 1,387 million in 4Q10 and CHF 1,182 million in 3Q11
• Underwriting and advisory recorded net revenues of CHF 516 million, down from CHF 1,241 million in 4Q10 and down from CHF 606 million in 3Q11

Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.

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