A couple of billion dollars in largely mortgage-related writedowns during the fourth quarter contributed to a year-to-year decline in quarterly profit at Credit Suisse, Zurich, but the Wall Street firm's corporate parent is doing well relative to its peers. The company earned about $1.2 billion on a net basis in the fourth quarter, which is a 72% drop from earnings in the fourth quarter of 2006 and a 49% decline if discontinued operations are removed from the equation. "Our focus on risk management enabled us to perform relatively well, limiting losses and exposures in investment banking related to the subprime mortgage market," the company said.
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The former American Fidelity Financial Services LO helped others scam homeowners out of their loan proceeds for shoddy or nonexistent home repairs.
26m ago -
The Cincinnati, Ohio-based bank delivered third quarter earnings that mostly met expectations, even as it took a $200 million blow to credit.
2h ago -
The Charlotte, North Carolina-based bank reported net income of $1.45 billion for the third quarter and earnings per share of $1.04, which beat analysts' forecast of $0.99 per share.
2h ago -
Fathom Holdings acquired START Real Estate to expand its first-time homebuyer program, the company announced Thursday.
October 16 -
Noninterest income at the Minneapolis-based company jumped more than 10% during the third quarter, while asset quality improved and expenses held steady. "Our focus is very much on organic growth," said CEO Gunjan Kedia.
October 16 -
Observers believe the government shutdown and lack of data is keeping mortgage rates in the same narrow range, as investors have issues reading the tea leaves.
October 16