Credit Suisse Posts $2.1B Loss

$5.2B in writedowns shake Swiss banking group
By Jason Farago,  Newser Staff
Posted Apr 24, 2008 4:39 AM CDT
Brady Dougan, CEO of Swiss bank Credit Suisse, speaks during a press conference in Zurich. Credit Suisse Group posted a $2.1 billion loss in the first quarter.   (AP Photo/Keystone, Steffen Schmidt)
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(Newser) – Credit Suisse has announced it lost a mammoth $2.1 billion in the first quarter, reports the Financial Times. The Swiss banking group, which until recently appeared to have escaped the worst of the credit crunch, continued to post strong earnings from its private banking sector—but that wasn't enough to outweigh writedowns of $5.2 billion.