Thursday, Mar 20, 2008
Can't improve on this headline
Forbes.com: Credit Suisse Crumbles
LONDON - Credit Suisse plummeted on Thursday as details of write-downs it warned of in February proved to be worse than feared, and a profit warning suggested it would book a loss in the first quarter.
Credit Suisse (nyse: CS - news - people ) fell 8.5%, or 4.42 Swiss francs ($4.36), to 47.38 Swiss francs ($46.75), on Thursday morning in Zurich, after it warned that it no longer expected to make a profit in the first quarter of 2008.
"In the binary world that I work for that amounts to a loss,"
Last month Credit Suisse stunned the market by announcing that it expected to post further write-downs of $2.85 billion, but gave little detail on where they had come from, except to say that they were in part due to "mismarkings and pricing errors" by a "handful" of traders.
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. A Saver said...
It's not my day - I bank with both Credit Suisse and HBOS. Does anyone have any particular insight re the former? From my experience of working in Switzerland I just cannot imagine the Swiss letting a bank fail. The government/cantons have oodles of dosh and Switzerland's reputation is built on banking.
2. plato said...
A Saver
As you say : "Switzerland's reputation is built on banking."
IMHO I could not imagine in the same way as you. The big question now is whether these reputations are being eroded ? Primarily because nobody knows just how much these Banks are transffering from one quarter to another. Perhaps someone on this site can give a technical opinion to allay your fears and explain how banks behave in these matters.
3. drewster said...
Can't improve on the headline? May I suggest "Credit Suisse Rolls".....