Credit Suisse's fourth-quarter losses for 2008 were substantially greater than those in the third, but the Group has reported a strong start to 2009 with all sectors in profit.

Credit Suisse Group has reported a full-year net loss of CHF 8.2bn, with a loss from continuing operations (excluding costs after tax) in the fourth quarter of 2008 at CHF 4.9bn, compared with income from continuing operations of CHF 530m in the prior-year period. The fourth-quarter net loss included a loss from discontinued operations of CHF 538m relating to the disposal of part of the asset management business.

Brady Dougan, chief executive of Credit Suisse, said: "While our full-year results are clearly disappointing, we entered 2009 with a very strong capital position, a robust business model, a clear strategy and well-positioned businesses.

Highlighting the positives, Dougan said: "In a year of unprecedented market turmoil, our private banking business recorded strong asset inflows, underscoring the trust that clients place in Credit Suisse. Our global wealth management business performed well and our Swiss corporate & retail banking business achieved record pre-tax income.

"In investment banking, we continued to reduce our overall risk. Illiquid leveraged finance and structured products assets as of the end of 2008 declined 87% from the end of the third quarter of 2007. We now have a capital-efficient and streamlined investment banking business with a significantly lower risk profile. And in asset management, we took an important step in our strategy to focus our resources on alternative investments, asset allocation and our Swiss businesses. These are scalable, high-margin businesses that provide excellent investment opportunities for our clients."

He added: "Credit Suisse has one of the strongest capital ratios in the industry, which we achieved without significantly diluting shareholders. We accelerated the implementation of our strategic plan, which will bring about a further substantial reduction of our risk and cost base. We also took steps to further strengthen our control culture. We have had a strong start to 2009 and were profitable across all divisions year to date. We have positioned our businesses to be less susceptible to negative market trends if they persist in the coming months and to prosper when markets recover."