Zurich - Credit Suisse, the second largest Swiss bank, announced Wednesday it had suffered a net loss of 6 billion francs (5.2 billion dollars) in the fourth quarter of last year, owing to bad trades and restructuring costs.

This made for a larger-than-expected net loss of 8.2 billion francs for the whole of last year, compared to a profit of nearly 7.8 billion in 2007.

Already in December, the bank said the two previous months had brought losses of 3 billion francs.

"While our full-year results are clearly disappointing, we entered 2009 with a very strong capital position, a robust business model, a clear strategy and well-positioned businesses," Brady Dougan, the bank's chief executive officer, said in a statement.

The bank said its private savings division remained profitable in 2008 and brought in new net assets, though its earnings were also down from the previous year.

Unlike its larger rival, UBS, which yesterday announced losses of over 19 billion francs in 2008, Credit Suisse has not taken a government bailout.

In December, Credit Suisse said it would cut over 5,000 jobs - largely at its investment bank - and focus on less risky assets and work to deleverage itself.

The bank would sharply reduce the dividends on its shares following the announcement of the losses, it reported. (dpa)