SWITZERLAND - Credit Suisse lost CHF2.1bn (US$2bn) in the first quarter of 2008, with some 22% of the loss through its asset management business.
Brady W. Dougan, CEO, said the results were 'clearly unsatisfactory'.
Dougan added: "However, during the quarter, we substantially reduced our exposures to affected areas and we will continue to do so in a disciplined fashion.
"Other than the areas affected directly by the credit crisis, most of our businesses performed well, with revenues near, or in some cases above, those in the first quarter of 2007.
"This demonstrates the benefit of our diversified global platform."
Before the write downs, the picture looked healthier with revenues for the first three months of the year only 19% down on the previous Q1.
However, the write downs meant revenue values fell 92% on this period in 2007.
Dougan maintained Credit Suisse remained well positioned in an extremely challenging environment.
He concluded: "Our capital position is strong and we will continue to manage our liquidity conservatively and control our expenses effectively. I am confident that we will continue to serve as a safe haven for clients in uncertain and volatile markets."
Earlier this month, Global Pensions learned Graham Dixon, managing director and head of European transition services, Credit Suisse, was to leave the firm as part of a restructure which would see this section of the business run out of New York.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
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