Swiss bank Credit Suisse warns no profits expected in first quarter!
ZURICH, Switzerland - March 20, 2008 - Swiss banking giant Credit Suisse issued a profit warning on Thursday because of its exposure to the U.S. subprime loan crisis, even as the finance minister said Swiss banks caught by the credit squeeze should not expect state help.
"In light of the difficult market conditions in March, at this time, Credit Suisse believes it is unlikely to be profitable in the first quarter," the bank which is the second-biggest in Switzerland said.
It also revised figures released last month, cutting its 2007 net profit to 7.76 billion Swiss francs (five billion euros, 7.76 billion dollars) from the February figure of 8.55 billion.
The news sank the bank's stock price - last trading down 9.9 percent at 46.70 Swiss francs - and weighed down on the banking sector across Europe.
