Credit Suisse suffers more losses
Switzerland's second-largest bank is writing off $2 billion for the first quarter. But then again, UBS, Switzerland's biggest bank, lost $37 billion. Reporting from London, Stephen Beard looks into possible cautious optimism for Credit Suisse.
The Credit Suisse logo from Zurich headquarters (Nicholas Ratzenboeck/AFP/Getty Images)
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Renita Jablonski: Credit Suisse, Switzerland's second-largest bank, has suffered another big loss. The bank has written off another several billion dollars worth of mortgage-backed securities and buyout loans. From London, Stephen Beard reports.
Stephen Beard: Credit Suisse lost $2 billion in the first quarter. That's after writing down $5 billion worth of assets. The assets are not only the mortgage-backed securities that have caused such havoc. Credit Suisse has also lost money on the private equity buyout boom. Today's figures are bad, but not disastrous compared with the $37 billion shortfall at Switzerland's largest bank, UBS. And, says Haig Simonian of the Financial Times, Credit Suisse points cautiously to an improvement in recent weeks:
Haig Simonian: April's been doing not too badly, so far. But, of course, these markets are terribly volatile. And there's no banker out there who's brave enough, understandably, to call a turn, so far.
The bank's boss, himself, said today people have seen the light at the end of the tunnel before, and it's turned out to be a train hurtling down the track.
In London, this is Stephen Beard for Marketplace.
