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Wednesday, February 11, 2009

Credit Suisse: $5.2 billion Loss

by Calculated Risk on 2/11/2009 02:12:00 AM

From Bloomberg: Credit Suisse Reports SF6.02 Billion Loss on Trading

Credit Suisse Group AG, Switzerland’s second-biggest bank, reported a 6.02 billion Swiss-franc ($5.2 billion) fourth-quarter loss on wrong-way trading bets and costs tied to cutting jobs and selling part of its fund unit.
“We have had a strong start to 2009 and were profitable across all divisions year to date,” [Chief Executive Officer Brady] Dougan said in a statement. “We have positioned our businesses to be less susceptible to negative market trends if they persist in the coming months.”
Another visit to the confessional.