Saturday, December 22, 2007

Credit Suisse to mop up as rivals squirm

Credit Suisse (CSGN.VX: Quote, Profile, Research) expects to steal a march on rivals in competing for business and talent next year as many of Wall Street's giants are distracted by mounting losses, a senior executive said on Friday.

"I think we are better positioned to present a platform that will continue to grow as opposed to dealing with some of the instability and some of the reorganizations that are happening amongst our competitors," Lito Camacho, vice chairman of the Swiss bank's Asia Pacific business told Reuters.

"We can continue to invest."

This week, Bear Stearns (BSC.N: Quote, Profile, Research) and Morgan Stanley (MS.N: Quote, Profile, Research) unveiled massive write-downs as the crisis from risky mortgages spreads. Chief executives at Citigroup (C.N: Quote, Profile, Research), Merrill Lynch (MER.N: Quote, Profile, Research) and UBS (UBSN.VX: Quote, Profile, Research) have lost their jobs after reporting losses ranging from $8-14 billion.

In comparison, Credit Suisse was hit by writedowns of more than 2.2 billion Swiss francs ($1.9 billion) in November.

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