Credit Suisse issues profit warning for second quarter

Credit Suisse said on Wednesday that it is likely to post a loss for the second quarter as the war in Ukraine and monetary policy tightening squeeze its investment bank.

In a trading update early Wednesday morning, the embattled lender said the geopolitical situation, significant monetary tightening from major central banks in response to soaring inflation, and the unwinding of Covid-19 era stimulus measures had caused “continued heightened market volatility, weak customer flows and ongoing client deleveraging, notably in the…