Credit Suisse has revealed a further 3.3 billion euros worth of writedowns linked to the credit crisis. The bank said it is not counting on an improvement yet and added that is difficult to predict whether there would be any further writedowns on its risky investments. Chief Executive Brady Dougan told reporters: "In this crisis, a number of times people have seen a light at the end of the tunnel and it has ended up being a train coming down the tracks."
Credit Suisse's first quarter loss was 1.3 billion euros, but its shares finished the day up 4.2% as investors were happy that the numbers contained no further negative surprises. The bank has been hit by the credit crisis to a much lesser degree than its larger rival UBS.
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