Credit Suisse on Thursday posted a fourth-quarter net loss of 2.007 billion Swiss francs ($2.17 billion), hurt by provisions to settle its investment bank's legal costs and a slowdown in business for its trading and wealth management divisions.
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.
($1 = 0.9242 Swiss francs)