Credit Suisse Posts Record Loss

The FT reports that Credit Suisse posted the worst quarterly loss in its 146 year history as it revealed third quarter losses of £914.9m.

Credit Suisse Financial Services, the Group's insurance business, posted a loss of £522.8m this quarter and CSFB, the investment bank, came in £295.8m in the red for the period.

Both main businesses are currently being restructured and the Group's objective is to return to profitability some time in 2003. Co-chief executives John Mack and Ossi Grubel are moving ahead with 'an accelerated agenda of measures' to get things right.

Leonhard Fisher, former head of Dresdner Kleinwort Wasserstein, has been recruited to take the helm at troubled insurance unit Winterhur. The smart money is that Fisher will tidy the business up and ready it for sale.

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