Credit Suisse banking group faces further write-offs: report

0 Comments | AFP, January, 2008

ZURICH (AFP) — Credit Suisse faces a fresh assets write-off of 2.5 billion Swiss francs (1.5 billion euros, 2.3 billion dollars) from the US sub-prime crisis, Sonntag newspaper reported Sunday.

The second largest Swiss bank behind UBS has so far limited its assets write-down to 2.2 billion Swiss francs, but was set to announce further losses for the fourth quarter of 2007, said the newspaper.

Should the United States slip into recession, a further five billion Swiss francs could be added to the toll.

Credit Suisse posted a net profit of 1.3 billion Swiss francs for the third quarter, a 31 percent fall from 2006.

© 2008 AFP