the Bank Credit Suisse This Thursday, 10, it reported that it suffered a net loss of 2 billion Swiss francs in the fourth quarter of 2021, which is several times greater than the loss of 353 million Swiss francs recorded in the same period in 2020. By 12% to 4.5 billion Swiss francs.
The financial institution had warned that the outcome of the period between October and December will be affected by legal costs and other expenses. For the full year of 2021, Credit posted a net loss of 1.57 billion Swiss francs, much larger than the 1 billion Swiss francs loss analysts had expected.
The Swiss bank had a difficult year in 2021 as it faced financial catastrophes such as the loss of $5.5 billion following the collapse of Archegos Capital Management. In addition, the Swiss institution had to contend with the fallout from the collapse of Greensell, the UK’s supply finance company.
Recently, Credit Suisse also had Antonio Horta Osorio resigns to the position of Chairman of the Board of Directors, which has been the subject of an internal investigation into personal travel and violations of health rules to contain the COVID-19 pandemic.
*With information from Dow Jones Newswires
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.