big loss as litigation costs bite


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

0 0 votes
Article Rating

Elon Musk’s Tesla helped make EVs ‘possible in America’

Previous article

Oil major TotalEnergies swings to profit thanks to surging commodity prices

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Earnings