Credit Suisse cuts profit by $1bn
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Credit Suisse says first-quarter profit will be $1bn less than forecast after a write-down.
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Credit Suisse said on Tuesday it was writing down a further 2.85 billion dollars (1.9 billion euros) worth of assets linked to the US housing market due to adverse conditions in the first quarter.
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Shares in Swiss bank Credit Suisse   fell by around 3 percent on Monday after a Swiss  newspaper reported the bank faced writedowns in its commercial  mortgage and leveraged-finance business.
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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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Credit Suisse Group (CSGN.VX: Quote, Profile, Research) posted forecast-beating third-quarter earnings on Thursday, as solid insurance income and one-off tax gains
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Credit Suisse  trimmed its  full-year write-downs linked to the subprime crisis to 2.0  billion Swiss francs ($1.82 billion) on Tuesday in contrast to  rivals hits by rising charges and raked in billions in new  investments from wealthy clients.
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Germany's IKB Industriebank says  losses from its exposure to US sub-prime mortgages will reach almost $1bn.
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MBIA Inc , the world's largest bond insurer, slashed its dividend on Wednesday and said it would sell $1 billion of debt to preserve capital and the "triple-A" ratings it needs to operate normally in a mortgage market under siege.
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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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The company said fourth-quarter net profit fell 42 percent and announced it would cut 1,000 jobs as part of a cost-cutting strategy.
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Credit Suisse First Boston, the securities arm of Switzerland&#39;s second-biggest bank, plans to cut costs by combining some units and eliminating jobs, people familiar with the matter said.
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French bank BNP Paribas SA on Wednesday estimated fourth-quarter net profit plunged 42 percent.
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The State Secretariat for Economic Affairs (Seco) said Switzerland had agreed to write off SFr264 million ($227 million) in debts dating back to the 1970s and 1980s.
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Germany's biggest banks is to cut 1,920 positions over the next two years as part of an ongoing reorganisation.
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Credit Suisse Group aims to launch a  share buyback worth up to 6 billion Swiss francs ($5 billion)  after fourth-quarter net profit rose a better-than-expected 22  percent, the bank said on Thursday.
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Credit Suisse is weathering the credit crisis better than its larger rival, UBS, which wrote down $14 billion in the same period.
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Swiss insurance giant Zurich Financial Services has reported a first-half net profit of $US1.5 billion ($A2.1 billion), up 93 per cent from $US752 million ($A1.05 billion) in the same period last year, and roughly in line with analysts&#39; expectations.