Credit Suisse cuts value of assets

Credit Suisse Group said Tuesday it has estimated the value of its assets to be $2.85 billion lower than previously calculated.

The Swiss bank said an internal review found some of its assets had been overpriced by traders.

The revaluation will have a net impact of about $1 billion on the company's balance sheet, the bank said, adding that it expects to remain profitable in the first quarter of the year.

The bank said it has suspended "a handful" of traders in connection with the overvaluation of assets.

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- Posted: 2008-02-19 09:51:02

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