STORY: Scandal-plagued Credit Suisse reported its worst annual loss since the 2008 financial crash on Thursday (February 9).
And it warned that a further “substantial” loss would come this year.
The bank posted a deficit of about $1.5 billion in the fourth quarter,
And almost $8 billion overall in 2022, marking its second consecutive year in the red.
It said its wealth management division and investment banking unit will also probably log losses in the first quarter of 2023.
Battered by one scandal after another, the bank saw a sharp acceleration in withdrawals in the fourth quarter
With outflows of over $120 billion.
Among a slew of recent crises, Switzerland’s second-biggest lender was hit by a $5.5 billion loss on U.S. investment firm Archegos back in 2021.
As well as the freezing of $10 billion worth of funds linked to collapsed supply chain financing firm Greensill Capital.
The bank's shares slid 5% in Thursday morning trade.