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Credit Suisse Posts a 96% Drop in Profits

Credit Suisse Group AG (CSGN), the second- largest Swiss bank, reported a 96 percent decline in first- quarter profit after booking accounting charges related to its own debt and costs for 2011 bonuses.

Net income fell to 44 million Swiss francs ($48 million) from 1.14 billion francs in the year-earlier period, the Zurich- based bank said in a statement today. Earnings beat the 297.9 million-franc average loss estimate of nine analysts surveyed by Bloomberg…”

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