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CS » Topics » From CHF 2,772 million to CHF (1,576) million

This excerpt taken from the CS 6-K filed Apr 25, 2008.
From CHF 2,772 million to CHF (1,576) million
The decrease was driven primarily by substantial valuation reductions in both the structured products and leveraged finance businesses. The structured products results reflected valuation reductions on our commercial loan and CDO assets, stemming from further price declines, as seen from the ABX and CMBX indices, and decreased liquidity in the market. The leveraged finance losses reflected further valuation reductions on our loan commitments. Our corporate lending business was impacted by net valuation reductions of CHF 501 million on our loan portfolio carried at fair value. These results were partly offset by near-record performance in our global rates and foreign exchange businesses, a strong performance in emerging markets and good results in our fixed income proprietary trading business. The rates business benefited from strong trading activity in the US. The commodities business had losses, with losses in the power sector partly offset by solid results in the gas sector and from our alliance with Glencore International. Fixed income trading benefited from fair value gains of CHF 1,226 million on Credit Suisse debt.

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