Credit Suisse on Thursday announced its first quarterly loss in five years on larger-than-expected writedowns on leveraged finance and structured products. The Swiss bank, which last month warned it would be in the red because of poor trading conditions in March, lost a net SFr2.15bn ($2.1bn) after writedowns of SFr5.28bn. That more than outweighed resilient earnings in private banking, amid signs Credit Suisse had benefited from client defections from rival UBS. Brady Dougan, chief executive, said the Q1 results were “clearly unsatisfactory”.

This entry was posted by Gwen Robinson on Friday, April 25th, 2008 at 5:28 and is filed under Capital markets. Tagged with credit suisse. Edit this entry.