Swiss Banking Giant Credit Suisse Posts Biggest Loss since 2008

Thu Feb 09 2023
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Monitoring Desk

ISLAMABAD: Swiss banking giant Credit Suisse posted its biggest annual loss on Thursday since the 2008 economic crisis, and the scandal-plagued bank expects to fall deeper into the red in this year.

The second-biggest Swiss bank, which presented a dramatic restructuring plan in October 2022 aimed at stopping the rot, reported a net loss of $7.9 billion for the year.

The lender had waved goodbye to more than 8 billion Swiss francs during the global economic crisis fifteen years ago.

Citing the impact of its exit from non-core businesses and restructuring charges, the bank said in a statement that it was also expecting that the group would report a substantial loss before taxes this year.

Those restructuring costs are estimated at nearly 1.6 billion Swiss francs in 2023 and around 1 billion francs next year.

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Swiss lender amounted net loss of 1.4 billion Swiss francs

In the last quarter, its net loss amounted to around 1.4 billion Swiss francs.

In November, the lender issued a profit warning on lower activity in the capital markets, restructuring charges, and large client withdrawals, stating it expected up to 1.5 billion Swiss francs in losses.

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