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Article: Credit crunch writedowns force Credit Suisse into first-quarter loss
- Article from:
- The Independent (London, England)
- Article date:
- April 25, 2008
- Author:
CopyrightCopyright 2008 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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The Swiss banking industry suffered another blow yesterday as
Credit Suisse, until now seen as a mild casualty of the financial
crisis, plunged to a first-quarter loss because of big credit crunch
writedowns.
Potential losses on leveraged finance and structured credit of
SFr5.3bn (2.6bn) drove Switzerland's second-biggest bank to a
SFr2.15bn loss for the first three months of the year. The charges
are slight compared with the $19bn (9.6bn) of first-quarter
writedowns by its bigger rival UBS, but Credit Suisse can no longer
claim to be largely unaffected by the market meltdown.
"Our first-quarter results are clearly unsatisfactory," Brady
Dougan, Credit Suisse's chief executive, said. The ...