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By Steve Slater
LONDON, Nov 16 (IFR) - Credit Suisse lost almost US$1bn inits US operations last quarter, one of five major foreign banksto lose money on their US trading desks, according to resultsfrom the country released for the first time this week.
Credit Suisse's US business reported a loss of US$942m inthe three months to the end of September, after losing US$885mon its trading desk, the bank said in filings released by the USFederal Reserve.
Credit Suisse said on Wednesday the overall US lossreflected the impact of the bank's restructuring, including inits non-core unit. That included writedowns and sales of assetsin its distressed debt portfolio and litigation provisions. Thebank said its core US businesses were stable and profitable, asshown in its second and third-quarter results.
Credit Suisse stepped up the restructuring of its businessthis year, and much of that involves its US business and assets.
The US filing showed that in the trading assets, it lostUS$520m in interest rate exposures and US$460m in creditexposures.
Major overseas banks had to report third-quarter results fortheir US bank holding companies to the Fed last week, afterbeing forced to set up separately capitalised holding companiesfor their US businesses. The Fed released the details this week,providing insight on staff numbers, revenues, expenses andprofits.
Credit Suisse's loss was in stark contrast to Swiss rivalUBS, which reported the highest profit of any of the foreignbanks for their US bank holding company. UBS said it madeUS$1.43bn net profit in the third quarter.
Credit Suisse was not alone in losing money. HSBC's USbusiness lost US$442m in the period.
Nine other European and Canadian banks reported a profit fortheir US bank holding companies, but several joined CreditSuisse in reporting negative trading losses.
Deutsche Bank, which is also restructuring its USoperations, lost US$500m; Canada's Toronto Dominion lost US$60m;BNP Paribas lost US$33m; and Barclays lost US$10m.
The eight European and three Canadian banks reported thefollowing details in their filings (in millions of US$):
BANK NET INCOME TRADING BROKERAGE INV BANK US
(OR LOSS) REVENUE FEES* +ADV** STAFF =========== ======== ======= ======= ======= ====== BARCLAYS 673.0 (10.0) 890.0 1,262.0 9,609 BBVA 280.6 21.5 50.7 65.2 10,070 BNP PARIBAS 585.4 (32.8) 129.0 245.6 15,059 C. SUISSE (942.4) (885.3) 1,317.7 1,168.8 10,029 DEUTSCHE 635.0 (500.0) 411.0 896.0 8,409 HSBC (442.6) 264.6 182.1 367.1 12,652 SANTANDER 353.3 15.1 36.0 113.4 16,310 UBS 1,427.4 264.7 1,408.6 4,118.3 19,952 BMO 475.4 63.2 100.6 281.2 13,521 RBC 318.0 71.0 911.3 1,078.7 11,246 TD 1,318.7 (60.1) 53.4 158.4 25,973 (Source: Consolidated financial statements for bank holdingcompanies FR Y-9C.) (Note: *fees and commissions from securities brokerage;**investment banking, advisory and underwriting fees andcommissions) (Reporting by Steve Slater)
