Credit Suisse takes $6.5 billion hit
Credit Suisse Group has reported a loss of CHF 7.6 billion ($6.5 billion) in 2008 compared with CHF 7.7 billion ($6.6 billion) in 2007. Excluding costs after tax from the accelerated implementation of the strategic plan, Credit Suisse said the full-year 2008 loss from continuing operations was CHF 7.1 billion ($6.1 billion). Core net revenues were CHF 11.8 billion ($10.1 billion) in 2008 down from CHF 34.5 billion ($29.7 billion) in 2007.
Brady Dougan, Credit Suisse’s Chief Executive said: "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. In a year of unprecedented market turmoil, our private banking business recorded strong asset inflows, underscoring the trust that clients place in Credit Suisse. Our global wealth management business performed well and our Swiss corporate and retail banking business achieved record pre-tax income.”