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Credit Suisse reports plunging profits

AFP · 25 Apr 2012, 10:09

Published: 25 Apr 2012 10:09 GMT+02:00

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Swiss banking giant Credit Suisse said on Wednesday its first quarter profits plunged to just 44 million francs ($48.3 million) from 1.1 billion francs a year ago amid debt losses.

"Our reported results were adversely impacted by accounting driven fair value losses due to tightening of our own credit spreads," said the bank's chief executive Brady Dougan, pointing out that the impact of the losses reached 1.6 billion francs.

Its investment banking division's earnings before tax fell a third for the first three months of the year from the same period last year, while those of its private banking unit were down 27 percent.

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The bank also reported net outflows of 7.1 billion francs for the quarter.

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Your comments about this article

2012-04-27 13:53:45 by smeghead
Can't agree more, there again it is run by americans. cut there wages maybe, stop the bonus system too and back on track
2012-04-25 13:52:45 by HoppSuisse
The foriegners have been taking their money out of our banks because we no longer honor our pledge of privacy.
Well what did we expect would happen when we allowed the High Court to sanction UBS and CS in breaking the banking privacy laws?

Remember all those propaganda stories how banking was not so important to us anymore?

How many of our leaders were held accountable for breaking our privacy laws? Only Blocher (SVP) had his house raided, and that was just political as the polititians that actually handed over the bank client names to the US were not arrested.

Before we vote for our leaders we need to ask 2 questions; 1 – Did you support joining the EU? 2 – Did you not speak up against breaking the banking privacy laws?

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