Sunday, November 27, 2022
HomeSportsCredit score Suisse flags hefty loss as wealthy shoppers go away

Credit score Suisse flags hefty loss as wealthy shoppers go away




ZURICH -Credit score Suisse expects a pre-tax lack of as much as 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter because it retains bleeding money, the Swiss financial institution mentioned on Wednesday, shortly earlier than shareholders authorized a $4 billion capital hike.

The financial institution mentioned a “difficult” financial and market surroundings had harm shopper exercise, whereas money outflows throughout the enterprise had elevated at the beginning of its fourth quarter.

The revenue warning is the most recent setback for the embattled lender which had beforehand forecast a internet loss for the final three months of the yr however didn’t give a determine.

The financial institution additionally gave a sobering evaluation of the size of its issues, which have been exacerba…

Carry on studying: Credit score Suisse flags hefty loss as wealthy shoppers go away

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