Credit Suisse reveals $7 billion loss for 2008

The investment banking division contributes strongly to the shortfall after a tough fourth quarter, but CEO Brady Dougan says all businesses have had a strong start to 2009.

Credit Suisse's fourth-quarter earnings confirmed the picture of a tough end to last year -- particularly within investment banking -- with a loss on the high side of expectations of SFr6 billion $5.2 billion in the final three months, leading to a full-year shortfall of SFr8.2 billion $7 billion. The fourth quarter loss was more than four times as large as the third quarter loss of SFr1.3 billion and compared with a SFr540 million profit in the fourth quarter...

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