Credit Suisse Group and Allianz, the German insurer, have posted their worst ever quarterly results as insurance and investment banking woes ravaged the bottom line.

Credit Suisse reported a net loss of Sfr2.1bn (€1.43bn) while Allianz had a net loss of €2.5bn ($2.5bn). Credit Suisse's results were a bad start for Oswald Grübel, head of the financial services division, and John Mack, head of Credit Suisse First Boston (CSFB), who were appointed co-chief executives of the group in September. The group's overall net loss compares with a loss of Sfr579m in the second quarter and Sfr299m a year ago.