CS--"error"!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·statetr.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. Notes: 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. be·nign adj. 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 |
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