Earnings

big loss as litigation costs bite

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A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, Nov. 1, 2021.

Thi My Lien Nguyen | Bloomberg | Getty Images

LONDON — Credit Suisse on Thursday announced that it swung to a loss in 2021, after a tumultuous year led to a significant increase in litigation provisions.

The Swiss lender posted a full-year net loss of 1.57 billion Swiss francs ($1.7 billion), well below expectations of a 377.95 million Swiss franc loss, according to Refinitiv. The bank reported a fourth quarter net loss attributable to shareholders of 2.01 billion Swiss francs. Analysts had expected a profit of 25.73 million Swiss francs.

The bank said it took “major…



Source cnbc.com

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