Rogue traders force Credit Suisse into £1.4bn writedown

By David Prosser, Deputy Business Editor
Friday, 21 March 2008

Credit Suisse faced a double whammy of bad news yesterday, revealing it is almost certain to plunge into loss during the first quarter of this year and admitting a group of rogue traders in its London office had forced it to write down the value of its assets by SFr2.86bn (£1.43bn).

Brady Dougan, the investment bank’s chief executive, said that, even after the effect of the rogue traders’ activities, Credit Suisse had remained profitable until the end of February but warned difficult market conditions in March had plunged it into losses for the first three months of 2008.

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