write-downs of around £2.6bn.
In Q1 2008 the Swiss bank suffered overall losses of around £1.02bn, with net revenues falling by 72% year-on-year.
The bank insists it is still well positioned to weather out the market downturn with a strong capital position and conservative internal risk and expense policies.
Brady Dougan, chief executive officer of Credit Suisse, says: “Our Q1 results are clearly unsatisfactory. But 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 Q1 of 2007.
“Credit Suisse remains well positioned in an extremely challenging environment. Our capital position is strong and we will continue to manage our liquidity conservatively and control our expenses effectively.”
He adds: “I am confident that we will continue to serve as a safe haven for clients in uncertain and volatile markets, and to seize the opportunities that arise in times of market dislocation to create long-term value.”