Credit Suisse admits to £86m error
One of Europe's leading banks, Credit Suisse, has been forced to admit that it overstated profits last year by £86m.
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.