Credit Suisse Group's switch to US accounting has forced the European bank to wipe more than Sfr4.2bn (€2.7bn) or 81% off the 2003 profits it reported under Swiss rules.

Credit Suisse made a 2003 net profit of Sfr770m in a newly-filed set of accounts following US Gaap. The bank had declared a profit of Sfr5bn under Swiss accounting rules in February. Credit Suisse is starting to report primarily in US Gaap from this year, which brings it more in line with Wall Street rivals including Citigroup, Morgan Stanley and JP Morgan.