Credit Suisse (CSGN.S) ended up a crappy year with a massive $2.2 billion quarterly loss, reports Reuters. They also said that they would ensure that the company gets restructured, and with the help of compensation costs, they promised their investors to help them out.
Credit Suisse faces a substantial quarterly loss.
Credit Suisse is the second-largest bank in Switzerland, and with such a quarterly figure, things are not looking suitable for the investors out there with respect to the economy.
The downtrend was steeper than what people expected. According to the analysts, most of the business segments out there face problems that impact the revenue, which is raising the issue. A substantial adjusted pretax income declined in the first quarter, which made things worse.
The bank, which lost more than one-third of its shares in the previous year, saw a further decline this afternoon.
There was a 5.6% decline in the claims, which affected the overall system. After seeing the results, ZKB analyst Michael Kunz said we have no reasons to recommend bets in the Credit Suisse securities.
Credit Suisse continues to collapse.
As the report from News Max Finance, Credit Suisse in the year 2021 marked a massive loss of more than $10 billion with respect to the supply chain finance funds to the British finance firm Greensill. On the other hand, there was a $5.5 billion trading loss with respect to the investment in Archegos. Both of these were witnessed in the month of March.
Thomas Gottstein, the company’s CEO, claims that the bank was working to resolve different legal issues. This was one of the reasons why the numbers went down. Due to a significant scaling back, there might be numerous investigations and other related problems might arise regarding the bank. The CEO made a recent statement that all such issues occurred only due to legal obligations. The new organizational system affected the bank and its working policy, and this created issues in the smooth functioning of the bank.