Credit Suisse Loses $2.48 Billion, Plans 5,300 Layoffs

News Brief

By Courtney Lowery, 12-04-08

Credit Suisse, the Swiss bank with its fingers in the most troubled high-end resort projects here in the Rocky Mountain West, including Promontory in Utah, Tamarack in Idaho and the Yellowstone Club in Montana, announced today that it posted a $2.48 billion net loss in October and November and is cutting 5,300 jobs.

According to the Wall Street Jounal: “The Zurich-based bank said the estimated quarterly loss is a result of miserable market conditions and charges from restructuring the securities unit, which will slash the issue of credit and structured products and exit some areas of proprietary trading, or buying and selling on the bank’s own book.”

Meanwhile, here in Montana, the bank is continuing its fight in the Yellowstone Club’s bankruptcy proceedings. (See Robert Struckman’s latest report here.) Credit Suisse is the lead in a group of investors to whom the club owes more than $307 million.

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By Courtney Lowery, 12-04-08 | add comment | email story | print story

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