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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Nov 6 4:00 PM EST

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To: TobagoJack who wrote (29641)	2/19/2008 12:14:25 PM
From: elmatador	Read Replies (1) of 217561

Qatar Investment Authority on a $15bn spending spree in the European and US banking sector. Credit Suisse suspends traders after write-down shock Tue 19 Feb 2008 LONDON (SHARECAST) - Swiss banking giant Credit Suisse has suspended a “small number” of traders for pricing errors that have contributed to a write-down of $2.85bn, or £1.45bn. The traders at the bank’s Structured Credit Trading division are thought to have been responsible for around half the write-down that will see $1bn wiped off first quarter profit. An internal review is underway, although the Zurich-based company is blaming adverse market conditions for a large part of the losses. "The final determination of these reductions will depend on further results of our review and continuing market developments," it said. The announcement shocked the banking community, coming just a week after the bank revealed a $1.2bn write-down and 72% drop in fourth quarter net profit, although it still expects to report a profit for the first three months of the year when numbers are published on 24 April. The Swiss have also been in the news this week after the Qatar Investment Authority revealed it is buying a stake in the company as part of a $15bn spending spree in the European and US banking sector.

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