Net profits at Credit Suisse First Boston, the securities arm of Credit Suisse Group, slumped 61% during the second quarter of the year as the bank's revenues took a beating across the board.

CSFB pulled in net profits of $95m (€104m) during the second quarter of 2001, compared with $242m for the first three months of the year. Moreover, net profits for the first half plummeted more than 50% compared with the first six months of 2000, to $337m from $761m.