Second Swiss bank loses billions(CNN)
-- Switzerland's Credit Suisse has joined the list of banks revealing disastrous results for 2008 after it reported losses of $7.1 billion (8.2 billion Swiss francs). The country's second largest bank lost 6 billion Swiss francs in the last quarter of the year alone, the bank said Wednesday. The figures compare with a $6.7 billion profit for 2007. The bank's losses were revealed a day after UBS posted a worse than expected loss of nearly $17 billion -- the largest ever by a Swiss group
-- and announced 1,600 new job cuts. Credit Suisse's chief executive Brady Dougan said the firm was working hard to remove risk from the business and had made a strong start to this year. "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," Dougan said. "We have positioned our businesses to be less susceptible to negative market trends if they persist in the coming months and to prosper when markets recover." Last year Credit Suisse cut more than 7,000 jobs, mainly from its investment banking division
Source : CNN
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