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Credit Suisse, SocGen losses mount
LONDON, England -- Two of Europe's biggest banks posted gloomy third-quarter results on Thursday as a downturn in global markets cut into their bottom line. Credit Suisse, Switzerland's second largest financial group, reported a record net loss of 2.1 billion francs in the quarter, worse than expected, as volatile markets hit its insurance and investment banking business. Zurich-based bank said it remained cautious for the fourth quarter but would return to "sound profitability" in 2003. It also confirmed that ex-investment banker Leonhard Fischer had been appointed to turn around its battered Winterthur insurance operations, which contributed 1.4 billion francs in losses. Analysts polled by Reuters had expected a third-quarter group net loss of about 2 billion francs, up from a net loss of 579 million francs in the previous quarter, and a loss of 299 million francs in the July-September period of last year. In Paris, Societe Generale said on Thursday that its third-quarter net profit tumbled by a larger-than-expected 63 percent as plunging markets forced it to set aside 355 million euros in provisions due to losses in its equity portfolio. France's second-largest bank said net profit fell to 146 million euros in the three months to September 30, down from 394 million euros a year earlier. Net banking income fell 3 percent to 3.29 billion euros, while gross operating profit edged up 4 percent to 878 million euros. Analysts polled by Reuters had expected net profit of 231 million euros, gross operating profit of 955 million and net banking income of 3.575 billion. -- Reuters contributed to this report
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