1 month ago
News24
Credit Suisse on Thursday posted its biggest annual loss since the 2008 financial crisis and the scandal-plagued Swiss banking giant expects to stay in the red in 2023, sending its shares plummeting. The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago. Those restructuring costs are estimated at around 1.6 billion Swiss francs this year and around one billion francs in 2024. In the last quarter, its net loss attributable to shareholders amounted to nearly 1.4 billion Swiss francs -- slightly better than expected. Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October.
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