Credit Suisse announced another loss for the first quarter of 2022 on Wednesday. Expensive legal cases in particular prompted the asset manager for millionaires and billionaires to issue the surprising profit warning. The bank also recorded losses due to the Ukraine war, the loss of value of a holding and problems in day-to-day business. These charges add up to around CHF 1.25 billion. Credit Suisse only wants to announce how high the loss is when the figures are presented next Wednesday. The pressure on CEO Thomas Gottstein should continue to increase. Credit Suisse set aside a further CHF 600 million for legal disputes in connection with already known cases, as the bank announced. This will result in a total litigation provision of approximately CHF 700 million in the first quarter. The impact of Russia’s attack on Ukraine on clients and business partners cost Credit Suisse around CHF 200 million.
Switzerland – Credit Suisse under pressure – Economy
