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Learning English - Words in the News 25 April, 2008 - Published 13:37 GMT Credit Suisse losses | ||||||||||||
The Swiss bank, Credit Suisse, has announced that it made a loss of more than two billion dollars in the first quarter of the year. The losses were due to problems in international credit markets. Our Economics Correspondent Andrew Walker reports: Much of the bank's business was profitable. But a loss of five billion dollars in the credit markets - following three billion dollars last year - pushed Credit Suisse into the redoverall. Some of the losses were on financial assetsrelated to the American housing market. But the bank also lost money on commercial property and loans to finance company takeovers. Credit Suisse is in good company. Its bigger rival in Switzerland, UBS, has made even larger losses in the credit markets and has twice sought extra capital - from its own shareholders and from outside investors - to make good the losses. The British bank RBS has recently announced credit related losses of 12 billion dollars for this year. Many American banks have also been severely affected. Andrew Walker, BBC profitable pushed Credit Suisse into the red overall financial assets related to takeovers is in good company sought extra capital to make good been severely affected |
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