Credit Suisse has attempted to take first-mover status among its peers in taking a large part of its restructuring costs in the fourth quarter – as its investment bank registered an unexpected pre-tax loss of Sfr1.3bn ($1.4bn).

The Swiss bank this morning reported disappointing fourth quarter results, with the group registering an overall loss of Sfr637m, in part as a result of charges related to strategic exits and risk-weighted asset reduction costs. This was a reversal from a gain of Sfr683m in the previous quarter.