Credit Suisse on Wednesday reported a net loss for the first quarter of 2022 and announced a management reshuffle, as the Swiss lender struggles with litigation costs and the fallout from the Russia-Ukraine war.
The net loss came in at 273 million Swiss francs ($283.5 million) for the quarter, after it sent out a profit warning to the markets last week. On Wednesday, the Swiss bank confirmed that Russia-related losses amounted to 206 million Swiss francs. There was also a hit of 155 million Swiss francs related to the Archegos scandal.
Speaking to CNBC’s Geoff Cutmore, Thomas Gottstein, chief executive officer of Credit Suisse, said it was a “tough quarter.”
“We had certain one-offs like…