Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. has been forced to restate re·state
tr.v. re·stat·ed, re·stat·ing, re·states
To state again or in a new form. See Synonyms at repeat.
re·state its earnings for 2003 after an embarrassing accounting error, which the bank dismissed as a one-off.
Switzerlands second-largest bank said the "very unfortunate" accounting error meant its earnings for last year were around CHF CHF
In currencies, this is the abbreviation for the Swiss Franc.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 200 million ($156.5 million) lower than originally stated.
Credit Suisse said that the mistake was down to a data input error.
Although seen us largely benign benign /be·nign/ (be-nin´) not malignant; not recurrent; favorable for recovery.
Of no danger to health, especially relating to a tumorous growth; not malignant. , the error will grate with the bank's desire to restore investor confidence, undermined one year ago when Credit Suisse declared its largest-ever loss.
The bank's revised results now indicate a rail in its net profit to CHF956 million in the last three months of 2003 from the originally reported CHF1.166 billion.
Source: Swissinfo, Swiss News and agencies