There was little to cheer in Credit Suisse's fourth quarter results, with revenues missing consensus across the board. One factor in particular caught the eye however: having previously told the market that deleveraging would have a negligible impact on revenues, the bank said risk-weighted asset reductions exacerbated poor performance in fixed income.

The Swiss bank yesterday reported results for the final three months of the year, with every business line missing consensus, according to analysts. The investment bank posted a pre-tax loss of Sfr1.3bn ($1.4bn).