Credit Suisse reported losses of 2 billion francs ($ 2.2 billion) for the fourth quarter, mainly due to the forecasts for the settlement of the legal obligations of the investment bank and the slowdown in the activities for the trading and asset management departments.
For the whole year, the net results showed losses of 1.572 billion Francs, compared to profits of 2.7 billion Francs for 2020.
It was a horrific 2021 for Switzerland’s second largest bank, marked by $ 10 billion in issues with British financial company Greensill and $ 5.5 billion in losses following the collapse of the Archegos.
2021 was a very difficult year for Credit Suisse. to solve the problems “, said the CEO of Credit Suisse, Thomas Gottstein.
“Over the last three quarters, we have managed the bank with limited risk-taking in all areas, as we have taken decisive action to strengthen the overall risk base and controls, and we have continued our recovery efforts,” he added.
Source: Capital
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