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Credit Suisse pins loss on traders

Credit Suisse has blamed a £1.4bn loss on what it calls the intentional misconduct of traders inflating the value of mortgage-backed bonds. Brady Dougan, chief executive officer of Credit Suisse Group, says: “This incident is unacceptable and does not represent the high standards of Credit Suisse.”

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PTFS adds Paymentshield to insurance quote engine

Personal Touch Financial Services has added Paymentshield to its buildings and contents quote engine.Brokers will now be able to generate guaranteed quotations for Paymentshield’s buildings and contents cover and complete applications online.Paymentshield’s range includes a 15% introductory discount for first-time buyers, a UK-based call centre for customer service and claims, plus a three-month free cover […]

Richard Griffiths

I have always felt that Northern Rock was the victim of circumstances last September, although it could perhaps have handled the PR situation better at the time. In contrast, HBOS seems to have emerged unscathed from appearing on the front pages of the national newspapers in connection with the bear raid on its shares last […]

BoE pledges £15bn to short-term markets

The Bank of England has pledged £15bn to adress liquidity issues in the short-term money markets.The injections will come at a rate of £5bn each week until April 9 and will be lent at a rate of 5.35% on three-day offer.The BoE made £5bn of liquidity this Monday, to be repaid today, in and effort […]

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