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.
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.
