Credit Suisse sees solid start to 2009

Swiss banking giant Credit Suisse, hit by a record loss last year due to the global financial crisis, said Tuesday it had made a solid start to 2009 and was well placed to face the challenges ahead. Switzerlands second largest bank said in its annual report that it "had experienced a solid start to 2009.
"We have positioned our business to be less vulnerable to negative market conditions, if this environment were to continue in the months to come, and to prosper if recovery takes hold," Credit Suisse said. The remarks by the bank, which suffered a record loss of 8.2 billion Swiss francs (5.4 billion euros) last year, echo those of several other major lenders such as Citigroup and Bank of America who say they have done better than expected so far this year. On the stock exchange, Credit Suisse shares were down more than one percent in a broadly stable market after sharp gains on Monday.