Fresh setback for Credit Suisse as it reveals investment bank arm is set to rack up more losses
Credit Suisse said its investment bank was on course to rack up further losses
Troubled Credit Suisse said its investment bank was on course to rack up further losses in yet another setback.
The Swiss lender, left reeling when chairman Antonio Horta-Osorio resigned this month for breaking Covid rules, blamed ‘the usual seasonal slowdown’ and said it would report a fourth-quarter loss.
More normal business conditions following frenzied deal-making during the pandemic, and a £400million charge, to cover historic legal cases, also played a part. It has been trying to settle cases, so it can move on from a string of scandals.
It was weighed down by the collapse of lender Greensill Capital last year and the implosion of hedge fund Archegos Capital.
Horta-Osorio was supposed to be cleaning up the bank’s reputation, after being appointed in the summer.
But he broke lockdown restrictions in Switzerland and the UK, to attend the Wimbledon tennis finals and the Euro 2020 football tournament.