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Credit Suisse up, Mizuho down

  • Story Highlights
  • Credit Suisse beats expectations with $1.7 billion first quarter profits
  • The Zurich-based bank lost $1.8 billion the same quarter last year
  • Japan's second largest bank lost $5.9 billion this fiscal year
  • Nomura Holdings expects to post $7 billion loss
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Zurich-based Credit Suisse Group announced first-quarter profits of $1.7 billion. The company lost $1.8 billion the same quarter later year.

"While we may still be affected by continued volatility and market disruptions if difficult conditions persist, we believe that we are in a position to weather the storms and perform well when market opportunities arise," Chief Executive Brady Dougan said in a statement on the company Web site.

Japan's second-largest bank lost $5.9 billion because of the global credit crisis, the company announced Thursday.

Mizuho Financial Group revised its earnings estimate, which had predicted finishing the fiscal year with $1 billion profit. A release on the company Web site blamed "the global financial market turmoil that has been continuing since last year, the significant declines in both domestic and overseas stock prices, and the sharp economic downturn."

Nomura Holdings -- Japan's largest brokerage firm -- is expected to lose $7 billion for the fiscal year, according to a report in Nikkei business daily.

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