Credit Suisse Shares Slid over 4% Premarket after Posting 2 Billion Swiss Franc Q4 Loss

Tiger Newspress2022-02-10

Credit Suisse Shares Slid over 4% Premarket after Posting 2 Billion Swiss Franc Q4 Loss.

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 scandal-ridden lender hadflagged a lossin January.

It was a horrendous 2021 for Switzerland's second-biggest bank, marked by the collapse of $10 billion in supply chain finance funds linked to insolvent British finance firm Greensill and a $5.5 billion trading loss from the implosion of investment fund Archegos.

It has been embroiled in a series of high-profile scandals in recent years, most recently when its chairman Antonio Horta-Osorio resigned last month after repeatedly violating Covid-19 quarantine rules.

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Comments

whywhywhywhy
2022-02-10
whywhywhywhy
[What]
MelChen
2022-02-10
MelChen
[Smile]
Gatekeeper
2022-02-10
Gatekeeper
Terrible! Seem history going to repeat itself again

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Seem history going to repeat itself again&nbsp;","listText":"Terrible! Seem history going to repeat itself again&nbsp;","text":"Terrible! 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