Credit Suisse swings to loss on $5.2 bln write-down |
| MarketWatch - Apr 24, 2008 |
Credit Suisse on Thursday swung to a larger-than-expected loss in the first quarter after taking another 5.3 billion Swiss francs ($5.2 billion) of write-downs on risky assets, while Barclays said it remained profitable in the quarter.
The quarterly loss of 2.15 billion francs was Credit Suisse's first in over five years and compared to a profit of 2.73 billion francs in the first quarter of 2007. Analysts on average had been expecting a loss of around 779 million francs, according to a consensus compiled by the bank. Revenue was down 72% to 3.02 billion francs.
"Our first-quarter results are clearly unsatisfactory. However, during the quarter we substantially reduced our exposures to affected areas and will continue to do so in a disciplined fashion," said Credit Suisse CEO Brady Dougan in a statement.
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- Posted: 2008-04-24 08:52:01
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