Brady Dougan, Credit Suisse CEO

Zurich, Switzerland (GenevaLunch) – Switzerland’s second largest bank, Credit Suisse, 11 February announced its 2008 results, a loss of CHF8.2 billion, worse than expected. The news comes one day after UBS, the country’s largest bank, announced a loss of CHF20b, the largest annual loss in Swiss corporate history.

Credit Suisse CEO Brady Dougan blamed the disappointing figures, on a larger than expected loss in the fourth quarter that he attributed mainly to poorer trading results, restructuring costs and investment banking writedowns. Analysts had been predicting a loss about 25% lower than the figures published Wednesday morning.

Dougan noted that while the 2008 results were “clearly disappointing,” the bank has “positioned our businesses to be less susceptible to negative market trends if they persist in the coming months and to prosper when markets recover.”

Like UBS, Credit Suisse says it is off to a stronger start in 2009, with new money inflows positive and performance in all divisions profitable for the year to date. Both banks say their capital bases remain strong and they expect to turn a profit in 2009, although with the industry still fragile, they remain cautious.

Credit Suisse press release

Credit Suisse results in the news:

in English, Financial Times, International Herald Tribune

in French, Le Temps, TSR

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