Credit Suisse First Boston's (CSFB) results for the first quarter were true to the gloomy predictions made by its parent in March.

The Swiss-American investment bank lost $19m (€21m) in the first three months of the year, having lost $939m in the previous three months. In March, Credit Suisse Group said that revenues at CSFB would be lower than in 2001 and Lukas Mühlemann, chief executive officer of Credit Suisse Group, reiterated that belief when the group announced first quarter results on Wednesday.