Credit Suisse writes down further $2.85 billion

0 Comments | AFP, February, 2008

ZURICH (AFP) — Credit Suisse said on Tuesday it was writing down a further 2.85 billion dollars (1.9 billion euros) worth of assets linked to the US housing market due to adverse conditions in the first quarter.

Credit Suisse shares plunged in opening trade on the Zurich stock exchange, down 6.7 percent at 52.90 Swiss francs.

The new writedown comes less than a week after Credit Suisse said it had broadly contained subprime losses in 2007, in contrast to its rival UBS which lost 18 billion dollars through its exposure to the crisis.

© 2008 AFP