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| Version 1 | Version 2 |
|---|---|
| Credit Suisse bank loses billions | Credit Suisse bank loses billions |
| (40 minutes later) | |
| Credit Suisse has reported a loss for the first three months of the year, hit by its exposure to the credit markets. | Credit Suisse has reported a loss for the first three months of the year, hit by its exposure to the credit markets. |
| The bank made a net loss of 2.1bn Swiss francs ($2.1bn; £1.0bn) after writing down 5.3bn Swiss francs in mortgage securities and big buyout loans. | The bank made a net loss of 2.1bn Swiss francs ($2.1bn; £1.0bn) after writing down 5.3bn Swiss francs in mortgage securities and big buyout loans. |
| It had made a net profit of 2.7bn Swiss francs in the same period of last year. | It had made a net profit of 2.7bn Swiss francs in the same period of last year. |
| Credit Suisse had already warned it was likely to make a loss, which it blamed partly on the "intentional misconduct" of a number of traders. | Credit Suisse had already warned it was likely to make a loss, which it blamed partly on the "intentional misconduct" of a number of traders. |
| The inevitable hangover has arrived following the frenzied obsession to do private deals at almost any price in 2006 and 2007 Robert Peston, BBC business editor Read Robert's blog | The inevitable hangover has arrived following the frenzied obsession to do private deals at almost any price in 2006 and 2007 Robert Peston, BBC business editor Read Robert's blog |
| Credit Suisse wrote down £850m on leverage finance such as loans to finance private-equity deals, and a further £400m on commercial mortgages. | |
| "It is further confirmation that imprudent lending and investing was not confined to US subprime and collateralised debt obligations," said BBC's business editor, Robert Peston. | "It is further confirmation that imprudent lending and investing was not confined to US subprime and collateralised debt obligations," said BBC's business editor, Robert Peston. |
| "The inevitable hangover has arrived following the frenzied obsession to do private deals at almost any price in 2006 and 2007," he said. | "The inevitable hangover has arrived following the frenzied obsession to do private deals at almost any price in 2006 and 2007," he said. |
| Further write-downs? | Further write-downs? |
| Credit Suisse reported that conditions had improved in April but stressed it was not counting on an upturn yet and that there may be further write-downs to come. | Credit Suisse reported that conditions had improved in April but stressed it was not counting on an upturn yet and that there may be further write-downs to come. |
| "In this crisis, a number of times people have seen a light at the end of the tunnel and it has ended up being a train coming down the tracks," said Brady Dougan, chief executive of Credit Suisse. | "In this crisis, a number of times people have seen a light at the end of the tunnel and it has ended up being a train coming down the tracks," said Brady Dougan, chief executive of Credit Suisse. |
| Switzerland's second biggest bank's losses from the credit crisis are tiny compared with those of its bigger compatriot UBS, which has so far made $37.4bn of losses. | Switzerland's second biggest bank's losses from the credit crisis are tiny compared with those of its bigger compatriot UBS, which has so far made $37.4bn of losses. |