Credit Suisse Declines on Report of More Writedowns |
| Bloomberg - Jan 7, 2008 |
Credit Suisse Group dropped the most in 1 1/2 months in Zurich trading after Sonntag reported Switzerland's second-biggest bank may have further writedowns related to the U.S. subprime collapse in the fourth quarter.
Credit Suisse fell as much as 2.1 Swiss francs, or 3.2 percent, to 63.6 francs, the most since Nov. 21, and was at 64.3 francs as of 11:29 a.m., valuing the company at 75 billion francs ($67 billion). The 63-member Bloomberg Europe Banks and Financial Services Index declined 0.1 percent.
The bank may have writedowns of at least 2.5 billion francs in the fourth quarter because of its investments in U.S. shopping centers and leveraged buyouts, Sonntag newspaper reported yesterday without saying where it got the information. Credit Suisse wrote down the value of debt securities and leveraged loans by 2.2 billion francs in the third quarter.
Read Full Article from Bloomberg
- Posted: 2008-01-07 09:41:55
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