CS takes another US$100m hit on distressed credit

摘要

Credit suisse will take another US$100m writedown on distressed credit positions after selling a portfolio of these assets to US investment firm tpc. The charge, announced last week, comes after Credit Suisse said in March it would be taking US$346m in writedowns in the first quarter, including US$99m of writedowns on its distressed portfolio. Most of the latest charges will be included in the Swiss bank's first-quarter results. They will be released on May 10, when the bank has pledged to give a full update on its distressed credit exposure.