Credit Suisse Group reported a loss from continuing operations of 7.7 billion Swiss francs ($7.2 billion) for 2008, compared with income of CHF 7.8 billion in 2007.

The firm reported that its core net revenues dropped to CHF 11.9 billion in 2008 from CHF 34.5 billion in 2007.

Also, the fourth quarter net loss was CHF 6.0 billion ($5.61 billion) compared with net income of CHF 540 million in the fourth quarter of 2007. The fourth-quarter net loss included a loss from discontinued operations of CHF 538 million relating to the disposal of part of the asset management business. In the fourth quarter, core net revenues were a negative CHF 1.8 billion, compared with a positive CHF 6.5 billion in the prior-year period.

“While our full-year results are clearly disappointing, we entered 2009 with a very strong capital position, a robust business model, a clear strategy and well-positioned businesses,” said Brady Dougan, chief executive officer of Credit Suisse. He noted that while retail and wealth management businesses performed well during the year, it is continuing to reduce risk in the investment bank. “We now have a capital-efficient and streamlined investment banking business with a significantly lower risk profile. And in asset management, we took an important step in our strategy to focus our resources on alternative investments, asset allocation and our Swiss businesses. These are scalable, high-margin businesses that provide excellent investment opportunities for our clients,” he added.

Dougan noted that the bank has accelerated the implementation of its strategic plan, which aims to bring about a further substantial reduction of our risk and cost base. “We also took steps to further strengthen our control culture. We have had a strong start to 2009 and were profitable across all divisions year to date. We have positioned our businesses to be less susceptible to negative market trends if they persist in the coming months and to prosper when markets recover,” he said.

IE