Credit Suisse Group reported a net loss of 2.1 billion Swiss francs for the first quarter of 2008, after net writedowns of CHF 5.3 billion ($5.32 billion) in leveraged finance and structured products.The loss followed net income of CHF 2.7 billion in the first quarter of 2007. Net revenues on a core results basis were […]
Fourth quarter profit revised lower
The Swiss banking giant Credit Suisse today announced a writedown due to a revaluation of some of its structured credit trading positions.The firm reported that it has undertaken an internal review that has resulted in the repricing of certain asset-backed positions in its structured credit trading business within investment banking.“The current total fair value reductions […]
Credit Suisse Group reported record income from continuing operations of 8.5 billion Swiss francs ($7.72 billion) for 2007, up 3% from the prior year.Net revenues also increased 3%. However, net income of CHF 8.5 billion, was down from CHF 11.3 billion in 2006, which included income from discontinued operations of CHF 3.1 billion. The return […]
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