Credit Suisse Posts $7.9 Bn Net Loss For 2022

Credit Suisse expects to post a substantial loss this year after the beleaguered bank on Thursday reported a net loss of 7.293 billion Swiss francs ($7.93 billion) for 2022

Geneva, (UrduPoint / Pakistan Point News - 9th Feb, 2023 ):Credit Suisse expects to post a substantial loss this year after the beleaguered bank on Thursday reported a net loss of 7.293 billion Swiss francs ($7.93 billion) for 2022.

Switzerland's second-biggest bank, shaken by repeated scandals, recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone.

Credit Suisse also announced the acquisition of the M. Klein & Company investment bank for $175 million.

"In light of the adverse revenue impact from the previously disclosed exit from non-core businesses and exposures as well as, in particular restructuring charges related to our cost transformation, Credit Suisse would also expect the group to report a substantial loss before taxes in 2023," the Zurich-based bank said in a statement.

Credit Suisse had announced a revamp in October aimed at drastically reducing the scale of its investment bank, in a bid to repair the damage following a series of scandals.

Chief Executive Ulrich Korner said: "2022 was a crucial year for Credit Suisse. We announced our strategic plan to create a simpler, more focused bank, built around client needs and since October we have been executing at pace.

"We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises."