Credit Suisse announced that revenues fell in the first quarter and announced a reorganization of its executive board, including the resignation of its chief financial officer.
The Swiss bank stressed that quarterly revenues fell 42% year-on-year to 4.41 billion francs ($ 4.58 billion).
Analysts expected revenue of 4.93 billion francs. The company stressed that market volatility and measures taken to reduce risk-taking were hurting its performance in wealth management and investment banking.
CFO David Mathers is leaving the company, according to Credit Suisse.
The bank has appointed Francesca McDonagh, currently head of Europe, the Middle East and Africa, as head of wealth management.
The changes in the BoD came as Credit Suisse announced an expansion of losses to 273 million francs from a loss of 252 million francs a year ago.
The bank also stressed that it expects market problems to continue in the coming months, and reiterated that 2022 will be a transitional year as it implements strategic changes.
Source: Capital
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