Credit Suisse to take $1 billion beating

First-quarter results will suffer from subprime-related trading losses.
FEB 19, 2008
Credit Suisse wrote down $2.85 billion in losses from subprime-related debt today, and said its first quarter earnings, which the banking giant is scheduled to report on April 24, should be lower by about $1 billion. The Zurich-based bank said it is conducting an internal review to determine how traders in its structured credit trading unit made "mismarkings and pricing errors" that may have contributed to the loss. The traders have been suspended pending the bank’s investigation, according to published reports. Credit Suisse’s shares tumbled 9.2% to $47.21 today after word of the losses was revealed.

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