Credit Suisse, a global investment banking and asset management platform, admitted Thursday in its third quarter report that the company is feeling some of the negative effects of the housing market slump.

In a press release covering the company’s third quarter results, Credit Suisse said its reported income from continuing operations hit CHF 1,302 million in the third quarter of this year—an 11-percent drop when compared to the same period in 2006.
Despite the loss, Credit Suisse leaders highlighted some of the company’s positive developments, including the fact that its private banking platform remains viable and even experienced an increase in pre-tax income from continuing operations and in net revenues.
“The extreme market conditions that characterized the third quarter affected many of our businesses. However, our global diversification and balanced business mix helped us mitigate the impact on our overall performance, maintain solid profitability and deliver a record result for the first nine months of the year,” said Brady W. Dougan, chief executive officer of Credit Suisse.