Zurich, Switzerland (GenevaLunch) - Credit Suisse Group is confirming Q3 losses in line with the announcement made on 16 October.
The second largest Swiss bank is reporting a net loss of 1.26 billion Swiss francs in Q3 2008. The core net revenue for Q3 2008 is 3 billion francs, down 48 percent from Q3 2007. This is Credit Suisse’s second quarterly loss this year. Brady W. Dougan, Chief Executive Officer, says “We expect the market environment to remain very challenging and we are cautious with regard to the outlook for the fourth quarter.”
The bank has written down billions of Swiss francs in assets since the beginning of the sub-prime crisis. Unlike UBS, Credit Suisse did not seek government assistance last week, instead it raised 10 billion francs from investors in the Gulf region including Qatar and Saudi Arabia.
