Credit Suisse to report biggest quarterly loss in four years
The Swiss bank expects a $983m pre-tax loss in the first quarter, and that’s before the collapse of Greensill Capital is factored in
21 April 2021 - 12:50
Zurich — Credit Suisse Group is set to report the biggest pre-tax quarterly loss in more than four years following a string of costly errors. Investors want to know how much more pain is to come.
The Swiss bank has already flagged that it expects a 900-million franc ($983m) pre-tax loss in the first quarter, after booking a $4.8bn hit on exposure to Bill Hwang’s Archegos Capital Management. That may not be the end of it, as JPMorgan Chase sees further markdowns and questions remain over the extent of losses tied to the collapse of Greensill Capital...
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