Credit Suisse profits plunge 72%

The firm’s asset management division took a major hit, with falling profits in 2007 and a major loss in the final quarter of the year. Profits for the three months to the end of December 2007 were 1.33bn Swiss francs (£619m). However, the bank says its losses from sub-prime investments were less than it had originally expected, reaching 2bn Swiss francs in 2007. Its Swiss rival, UBS, reported a full year loss of 4.4bn Swiss francs, largely due to sub-prime losses, meaning Credit Suisse has come through the crisis in a relatively strong position. Credit Suisse reported a total income...