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Credit Suisse announces biggest ever annual loss

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by Kay Mitchell
”Credit

Credit Suisse, which is Switzerland’s second-largest bank, has reported its biggest annual loss ever of SwFr8.2 billion (£5 billion) – the majority of which (SwFr6 billion) came during the October to December period in 2008.

Chief Executive, Brady Dougan, described the results as ‘clearly disappointing’ but added that they had started 2009 with a very strong capital position.

The fourth quarterly loss was blamed on restructuring charges, a slump in business and a SwFr 3.2 billion write-down on bad debt.

In 2007, the bank made an annual profit of SwFr7.7 billion.

Last December, the bank announced it was axing 5,300 jobs, with the majority of job losses in its investment banking division. This followed a loss of 1,800 jobs earlier in the year.

Credit Suisse’s results are announced just 24 hours after UBS, Switzerland’s largest bank, reported a full-year loss of SwFr19.7 billion (£11.3 billion) – the biggest in Swiss corporate history.

UBS also announced yesterday that 2,000 jobs are to go at its investment arm.

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News posted: February 11, 2009

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