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giant has revealed results for the first quarter of this year. the last quarter before it had to be rescued by its swiss rival andy illustrate the scale of the crisis which was around the corner. betweenjanuary and march, credit suisse made a pre tax loss of nearly one and a half billion dollars and to add to its woes, a massive amount of deposits were withdrawn in that three month period. total output was nearly $69 billion and to remind you what happened next, there were fresh doubts about the stability of the wider banking industry, just a few weeks ago investors became increasingly fearful for the future of credit suisse, it was eventually bought by the swiss rival in what was described as an emergency rescue. the $3 billion price tag a mere fraction of what the bank would have been previously valued. this crop looked cross live to the head of investment at interactive investment. for being with us. what s interesting is that we also heard from credit suisse today t ....
Not been reassured by the takeover by ubs and there is some talk of further restructuring of the new combined bank. look could that mean? credit suisse has already been undergoing a major restructuring, even before the mac deal was announced. it even before the mac deal was announced- even before the mac deal was announced. ., , ., , ., announced. it was trimming lots of obs and announced. it was trimming lots of jobs and focusing announced. it was trimming lots of jobs and focusing on announced. it was trimming lots of jobs and focusing on wealth - jobs and focusing on wealth management is less likely that the tie up with ubs will see more job cuts and there are reports that credit suisse because a 20 30% of its workforce eliminated. again, shrinking of it is an investment bank and aims to find synergies or wherever is an overlap, haps credit suisse will be in the firing line. but this is a deal is going to take a long time to actually fully materialise. it is expected to be com ....
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