Credit Suisse Group has reported net loss of CHF6.02 million, or CHF5.34 per share, for the fourth quarter ended December 31, 2008, compared with net income of CHF540 million, or CHF0.49 per share in the fourth quarter of 2007.
The group said that the 2008 fourth quarter net loss included a loss from discontinued operations of CHF538 million relating to the disposal of part of the asset management business.
Core net revenues were a negative CHF1.83 million in the fourth quarter of 2008, compared with a positive CHF6.46 million in the corresponding quarter of 2007.
Credit Suisse Group reported a loss from continuing operations of CHF7.69 million in the full year of 2008 compared with income from continuing operations of CHF7.75 million in 2007.
Excluding costs after tax from the accelerated implementation of the strategic plan, the full-year 2008 loss from continuing operations was CHF7.1 million. Core net revenues were CHF11.86 billion in 2008 compared with CHF34.54 billion in 2007.
Brady Dougan, CEO of Credit Suisse, said: While our full-year results are clearly disappointing, we entered 2009 with a very strong capital position, a robust business model, a clear strategy and well-positioned businesses. We accelerated the implementation of our strategic plan, which will bring about a further substantial reduction of our risk and cost base.
