An
accounting error in January had left bank without the capital that it needed to grow.
The cuts follow a major $92 million
accounting error revealed earlier this week.
Chairman Robert Ingram, who led internal investigations that uncovered an
accounting error earlier this month, is also reportedly considering resigning.
The
accounting error prompted a major restructuring
Unrelated to the internal review, the revised financial statements also corrected for an
accounting error, primarily for understated interest income, related to a sales-type lease transaction within the Electronic Systems segment and previously identified immaterial errors already recognized in the financial statements but not recorded in the appropriate periods.
It comes after a probe for Tesco by accountants Deloitte and law firm Freshfields found the
accounting error was worse than first thought and that the supermarket had been overstating its earnings for years.
The
accounting error compounded a sales slump, with half-year takings in UK stores falling another 4.6 per cent.
Mohamed Al-Khouli, member of the Shura Council's Economic Committee, demanded that those responsible for a recent
accounting error made with regards to Egypt's public budget be held responsible
Hartford Financial Services Group says it made an
accounting error when reporting its third-quarter earnings--a mistake that now puts the insurer in the red for 2012.
Excellus agreed to conduct outreach and ensure that all members who overpaid providers because of Excellus's
accounting error receive restitution, and to audit and monitor its claims processing procedures to ensure these problems do not recur, under the agreement, the AG's office stated.
We certainly hope the $101.7 million is an
accounting error, but until and unless the software problems are solved, it is impossible to be certain.