Credit Suisse to pay for losses on Lehman products

[GoFlyKiteNow]

Credit Suisse to pay for losses on Lehman products

ZURICH (AFP) - - Swiss banking giant Credit Suisse on Tuesday said it would pay 50 million francs (33 million euros, 42 million dollars) to about 1,700 clients for losses on capital-protected products linked to failed US investment bank Lehman Brothers.

Switzerland's second largest bank said it would make the offer to clients in Switzerland who had assets of up to 500,000 Swiss francs with Credit Suisse as of August 31, 2008 and who had invested over 20 percent of those funds in the Lehman-linked products.

"Consequently, Credit Suisse will make redemption offers worth a total of approximately 50 million Swiss francs to around 1,700 clients for capital-protected Lehman products," it said in a statement.

In January, the bank offered to repay 2,000 other clients over the same products.

The latest move means it has offered to pay 150 million Swiss francs to some 3,700 affected clients in all.

 

[singveld]

i guess Credit suisse is a better bank than DBS

 

[pia]

i guess Credit suisse is a better bank than DBS

But it applies to those with oer S$1m in their SC accounts. For all you know, the rich and famous were compensated quietly likewise by DBS. Only the kachang puteh who invested $x0,000s were left weeping. Maybe??

 

[singveld]

But it applies to those with oer S$1m in their SC accounts. For all you know, the rich and famous were compensated quietly likewise by DBS. Only the kachang puteh who invested $x0,000s were left weeping. Maybe??

maybe..... lehman bond are so toxic, i cannot believe any proper bank will sell these, the bankers are so hard up for the bonus. they do not care about their saver, only their bonus.

 

[poore]

common sense will tell anyone not to put all ur eggs in one basket

the lehman product may look like it invest in a no. of companies....such that the likelihood of all collasping was low...when in actual fact if lehman collapse all the invested money are gone...

dun the bankers kn this fact??