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Credit Suisse cautiously optimistic

The chief executive of Credit Suisse, Brady Dougan, says he hopes the end of the credit crisis over subprime woes in the United States is in sight.

This content was published on May 16, 2008 - 21:28

He warned of short-term dangers ahead in financial markets but added he was optimistic about the outlook of Switzerland's second largest bank.

Credit Suisse posted a disappointing profit of SFr7.8 billion ($7.1 billion) after suffering losses from the subprime loans turmoil. But the group has emerged less damaged than its rival, UBS.

Dougan said the reputation of the financial industry had taken a beating and would be under scrutiny from shareholders, regulators and clients.

The CS group is still reducing its position in risky assets and is reaching a level that is easier to control, Dougan told the financial weekly, Finanz und Wirtschaft.

He added the bank won new clients during the crisis and that the US market remained crucial for CS.

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