Credit Suisse ends torrid year with $2.2 bln loss

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2 年前

2021 really wasn't a good time for Credit Suisse.

Now the scandal-plagued Swiss lender has capped the year with a $2.2 billion quarterly loss.

Looking back at the 12 months, many will think it's no surprise.

Credit Suisse endured the collapse of $10 billion in funds linked to insolvent British firm Greensill.

Then there was a $5.5 billion trading loss over the implosion of investment fund Archegos.

And 2022 hasn't started well either.

It began with the abrupt departure of a chairman brought in just nine months earlier.

Antonio Horta-Osorio had to go after breaching quarantine rules.

The firm has also become the first major Swiss bank to be tried in a criminal court.

That's over allegations, strongly denied, that it allowed a Bulgarian trafficking ring to launder millions of euros.

Now the bank says this year's earnings will be weighed down by restructuring and compensation costs.

New chairman Axel Lehmannn says he will stick with his predecessor's strategy of focusing on wealth management.

But analysts remain to be convinced.

One told Reuters he could see no reason to recommend Credit Suisse shares.

On Thursday morning they were down another 4%.