Credit Suisse USA posts trading loss for 288% of VAR
Swiss bank’s subsidiary one of only three US dealers to incur backtesting exception in Q1
Credit Suisse’s US unit incurred a trading loss of almost three times its modelled forecast in the three months to end-March, in what was otherwise a comparatively uneventful first quarter for rival dealers.
The Swiss bank’s stateside intermediate holding company reported a one-day loss for 288% of value-at-risk at an unspecified point in the quarter, the only major Wall Street dealer to lowball its forecast in the period.
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