Credit Suisse posts massive annual loss, CEO describes results as 'completely unacceptable'
Publishing timestamp: 2023-02-09 10:51:24
Summary
Credit Suisse reported a fourth-quarter and annual net loss that missed expectations, taking its full-year loss to 7.3 billion Swiss francs. The bank is undergoing a huge strategic overhaul and is telegraphing another "substantial" full-year loss in 2023 before returning to profitability in 2024. The bank has raised $4 billion in equity capital and is making progress on restructuring its investment bank. Despite this, the bank experienced significant outflows of assets under management in late 2022. The bank has embarked on an outreach program to regain deposits and improve cost efficiencies.
Sentiment: NEGATIVE
Keywords: economic events, breaking news: europe, wall street, credit suisse group ag, business news, economy, investment strategy, banks, earnings, apollo global management inc,