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 red overall. Some of the losses were on financial assets related 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
pushed Credit Suisse into the red
is in good company
sought extra capital
to make good
been severely affected