A $1.2 Billion Write-Down at Credit Suisse
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Credit Suisse is weathering the credit crisis better than its larger rival, UBS, which wrote down $14 billion in the same period.
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Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital
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Credit Suisse analysts estimated banks could lose up to $52 billion over time due to their exposure to collateralized debt obligations that invested in U.S. subprime mortgages.
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Citigroup said in a research note that  UBS  could face up to 20 billion Swiss francs ($18.10  billion) in new writedowns in 2008 after revealing it has $80  billion in exposures to subprime loans and other debt.
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Citigroup said in a research note that UBS  could face up to 20 billion Swiss francs ($18.10 billion) in new writedowns in 2008 after revealing it has $80 billion in exposures to subprime loans and other debt.
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Credit Suisse today announced that up to 300 jobs will be lost in an overhaul of its troubled investment banking business. The company said its investment arm - Credit Suisse First Boston (CSFB) - would be
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Goldman Sachs Group  and Credit Suisse Group  on Friday said they will cut about 2,000 job worldwide as a credit crisis puts a damper on fixed-income trading and corporate dealmaking.
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So far, Credit Suisse has weathered the credit crisis better than its larger rival, UBS, which wrote down $14 billion in the same period.
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Credit Suisse faces a fresh assets write-off of 2.5 billion Swiss francs (1.5 billion euros, 2.3 billion dollars) from the US sub-prime crisis, Sonntag newspaper reported Sunday.
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Business & money: Wall Street's biggest investment banks facing at least $10bn (Â£5.1bn) of fresh write-downs
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Goldman Sachs Group Inc  and  Credit Suisse Group  on Friday said they will cut  about 2,000 job worldwide as a credit crisis puts a damper on  fixed-income trading and corporate dealmaking.
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Credit Suisse suspended a number of traders in connection with a $2.85 billion overvaluation of assets.
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Goldman Sachs Group  and Credit  Suisse Group  on Friday said they will cut about 2,000  job worldwide as a credit crisis puts a damper on fixed-income  trading and corporate dealmaking.
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A group of US and European banks borrow $2bn from the Federal Reserve to ease credit woes, following recent turmoil.
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Another bank took an ax to its asset valuations Friday, as the parade of markdowns induced by the recent credit crunch continued. The latest ten-digit chop came from Wachovia Bank, which said it wrote down loans and other securities by a total of $1.3 billion in the third quarter, contributing to an overall profit decline [...].
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AXA Advisors, the United States brokerage unit of AXA of France, agreed to pay a $1.2 million fine and reimburse 1,800 clients after offering them fee-based accounts that did not fit their needs.
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Wachovia, the nationâs fourth-largest bank, said it would take write-downs of more than $1 billion for commercial loans.