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Credit Suisse suffers first quarterly loss in five years

Credit Suisse reported its first quarterly loss in five years yesterday, citing
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.”


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Expo Manchester to feature FSA clinic

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AVM use up 400%, says Hometrack

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Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


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