Credit Suisse 3Q profit down 31% from 2006

On November 1, Credit Suisse released its earnings statement for the third quarter of 2007, which showed an 31% drop in net income from the same quarter in 2006. According to the release, the firm's profits from investment banking were almost completely wiped out by large write-downs of certain debt holdings like mortgage-backed securities and collateralized debt obligations, whose market values had depreciated significantly.

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