Brady Dougan, Credit Suisse's chief executive, said: “I am pleased to announce record results for 2007, which we achieved in an extremely challenging environment.” The bank’s latest figures, released February 12, also revealed a reduction in its net US subprime exposure, from the $3.5 billion reported in the previous quarter to $1.5 billion.
The bank also announced a $9 billion reduction in its commercial mortgage bond holdings, and a further $15 billion in leveraged loans, in the same period. RMBS exposures stood at $1.5 billion, down from $3.5 billion. The quarter’s net profit fell 72%, to $1.2 billion from $4.3 billion in the final quarter of 2006. Its full-year net income of $7.7 billion was down 25% compared with 2006.
UBS, based in Zürich, has also released its fourth-quarter results, confirming the $13.7 billion loss it forecasted at the end of January. In a report released today, the bank cited 2007 as “one of the most difficult in its history", recording its first annual net loss - $3.9 billion - since its creation. "UBS expects 2008 to be another difficult year," the bank said.See also : UBS startles market with $14 billion writedown
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