Zero Hedge
Austria’s largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.
Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.
Read more
Austria’s largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.
Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.
Read more
No comments:
Post a Comment