Swiss bank Credit Suisse says profits show subprime damage contained
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Swiss banking giant Credit Suisse sought to reassure investors on Tuesday that it has weathered the storms of the US subprime home loan crisis after ending 2007 in the black.
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Subprime-related problems at UBS AG   deepened on Wednesday as the Swiss bank unveiled $4  billion in new writedowns in a surprise statement, dragging the  embattled bank deep into the red for the year.
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IKB Deutsche Industriebank, the bank that is being bailed out after investing in subprime loans, will post a loss of up to 700 million euros, or $954 million, for the fiscal year. The chief executive, GÃ¼nther BrÃ¤unig, said during a conference call that the bank would curtail investments in international securities financed by commercial paper, a type of short-term business loan, and that it expected future earnings to be âsignificantly lower.â The bank had a profit of 179.6 million euros in the year that ended March 31. The government-owned KfW development bank and the German banking associations agreed to cover some losses at IKB after rising defaults on home loans hurt the value of mortgage-backed securities.
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ZURICH  - Shares in the Swiss banking group Credit Suisse fell on the eve of an investors meeting which will reportedly unveil drastic changes at its US investment banking arm, Credit Suisse First Boston (CSFB).
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Swiss banking giant Credit Suisse reported a 3.0-percent gain in underlying net earnings last year, in line with market expectations and despite big asset writedowns linked to current financial market turbulence.
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Swiss banking titans UBS and Credit Suisse risk losing clients to smaller rivals as annual results next week reveal the heavy impact of the US subprime crisis on their balance sheets.
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Zurich Financial Services AG, Switzerland s biggest insurer, said first-half profit almost doubled as higher stock markets resulted in lower reserve additions and investment writedowns.
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The head of French bank Societe Generale  said in a newspaper interview published on Wednesday that he saw "limited impact" on the profitability of France's banks from the current subprime mortgage crisis.
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Commerzbank reports a record profit in 2007 despite 774m euros of writedowns linked to the sub-prime mortgage crisis.
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Business & money: Swiss bank suffers a further Â£2bn writedown, pushing it into the first annual loss in its history
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UBS AG said Tuesday its fourth-quarter profit rose 12 percent to 2.02 billion Swiss francs (&#36;1.79 billion), driven by higher revenue from equity trading and solid income from fees on securities managed for clients.
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Credit Suisse Group, Switzerland's second largest bank, said Tuesday its fourth-quarter profit dropped 72 percent because of writedowns for investment banking and money-market funds.
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Credit Suisse says first-quarter profit will be $1bn less than forecast after a write-down.
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ZURICH, Switzerland  -- UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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ZURICH -- Credit Suisse Group , Switzerland's second-largest bank, said yesterday it will combine its US-based Credit Suisse First Boston investment unit and its retail and private banking business within two years.
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ZURICH, Switzerland -- Credit Suisse suspended a number of traders in connection with a $2.85 billion overvaluation of assets.
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Swiss reinsurance group Swiss Re said it had nearly doubled its net profit in the first half of the year thanks to a better-than-expected investment result.