Credit Suisse posts £1.2bn loss

Credit Suisse
Credit Suisse abandon plans to launch an partial IPO.

Credit Suisse has posted a CHF 1.58bn (£1.2bn) loss, which is compared to last year’s CHF 1bn profits.

The group has had a challenging year amid legal scandals and a slowdown of the bank’s investment and wealth management.

Chief executive Thomas Gottstein commented: “2021 was a very challenging year for Credit Suisse. Our reported financial results were negatively impacted by the Archegos matter, the impairment of goodwill relating to the Donaldson, Lufkin & Jenrette (DLJ) acquisition in 2000 and litigation provisions, as we look to proactively resolve legacy issues.”

“During the last three quarters of the year, we ran the bank with a constrained risk appetite across all divisions as we took decisive actions to strengthen our overall risk and controls foundation and continued our remediation efforts, including on the Supply Chain Finance Funds matter, where our priority is to return cash to investors,”