Earnings

Credit Suisse Q4 and FY 2022 results

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Credit Suisse CEO says 'completely unacceptable' numbers show why overhaul is needed

Credit Suisse on Thursday reported a fourth-quarter and annual net loss that missed expectations, as the Swiss bank continued with its huge strategic overhaul.

The lender’s fourth-quarter net loss attributable to shareholders came in at 1.4 billion Swiss francs ($1.51 billion), worse than analyst projections of a loss 1.32 billion Swiss francs, according to Eikon.

It took the embattled Swiss lender’s full-year loss to 7.3 billion Swiss francs, worse than the 6.53 billion Swiss franc loss expectation by analysts.

Credit Suisse is telegraphing another “substantial” full-year loss in 2023 before returning to profitability in 2024.

CEO Ulrich Koerner told CNBC on Thursday that the full results…



Source cnbc.com

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