Credit Suisse admits to £86m error

Link: Credit Suisse ranking slips in M&As

The bank blamed an ‘error in the input data’ for the mistake.

Fourth quarter profits for 2003 should have totalled SFr1bn (£428m) rather than SFr1.2bn (£514m).

This means overall profits for the year should have been set at SFr5bn (£2.14bn). The bank, which is Switzerland’s second largest, said the error was a one-off.

However, it may impact on investor confidence as Credit Suisse tries to restore its reputation.

In 2002 it recorded its biggest ever loss of SFr3.3bn.

Related reading