Credit Suisse

Credit Suisse Group has reported its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, ...

Among a string of scandals, Credit Suisse was hard hit by the collapse of U.S. For the fourth quarter, the bank made a net loss of 1.39 billion francs. Ethos Chief Executive Vincent Kaufmann told Reuters he was surprised by how much had been paid "given the little information we have today on this company founded and managed by Mr. The bank raised [4 billion Swiss franc](/business/finance/hopes-run-high-credit-suisse-multi-billion-cash-call-2022-12-08/)s from investors in December. Klein, member of the board of directors of Credit Suisse until October 2022 and designated CEO of the buyer (CSFB)". Credit Suisse's investment bank made a loss of 3.8 billion francs in 2022 - roughly the same amount it paid to the division's staff.

Under the plan, the group is axing 9,000 of its 52,000-strong workforce, spinning off its investment bank in a move that will also revive the First Boston name ...

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Credit Suisse has reported its biggest annual loss since the financial crisis in 2008, highlighting the scale of the challenge facing the scandal-plagued ...

In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). The bank’s shares fell 5% in early trade. An independent external investigation later found “a failure to effectively manage risk.” The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter of 2022, extending a [losing streak](https://edition.cnn.com/2022/11/23/investing/credit-suisse-loss/index.html) that started in 2021 and taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). [(CS)](https://money.cnn.com/quote/quote.html?symb=CS&source=story_quote_link) has reported its biggest annual loss since the financial crisis in 2008, highlighting the scale of the challenge facing the [scandal-plagued](https://edition.cnn.com/2021/04/06/investing/credit-suisse-archegos-losses/index.html) Swiss bank as it attempts a [turnaround](https://edition.cnn.com/2022/10/27/investing/credit-suisse-restructuring/index.html).

Credit Suisse has scrapped its annual bonus for top executives after the scandal-hit Swiss bank reported its worst full-year loss since the 2008 banking ...

Commenting on the full-year results, Körner said: “2022 was a crucial year for Credit Suisse. That year, it also admitted defrauding investors as part of the Mozambique [“tuna bonds” loan scandal](https://www.theguardian.com/business/2021/oct/19/credit-suisse-fined-350m-over-mozambique-tuna-bonds-loan-scandal), resulting in a fine worth more than £350m. The bank has denied wrongdoing and said it would appeal against the ruling. It is the bank’s second consecutive year in the red, with losses having ballooned from a 1.7bn Swiss francs net loss in 2021. Meanwhile, the total 2022 bonus pool for Credit Suisse bankers has been reduced by 50%, with senior managers taking a bigger cut to their annual payouts than their junior colleagues. Credit Suisse was embroiled in the

Credit Suisse has registered net loss attributable to shareholders of CHF1.39bn in Q4 2022, compared with a loss of CHF2.09bn in Q4 2021.

We successfully raised CHF ~4 billion in equity capital, accelerated the delivery of our ambitious cost targets, and are making strong progress on the radical restructuring of our Investment Bank.” Klein & Co. In Investment Banking, pre-tax loss in Q4 was CHF1.46bn as against a loss of CHF1,99bn in the prior year. The Wealth Management unit of Credit Suisse saw pre-tax loss of CHF199m in Q4 2022 compared with CHF157m in the same quarter of 2021. Adjusted pre-tax loss was CHF1.02bn in the three months to December 2022, versus a profit of CHF328m a year ago, while reported pre-tax loss narrowed to CHF1.32bn from CHF1.66 bn. The Zurich-based lender posted a loss of CHF1.65bn in 2021. Net outflows were CHF110.5bn in the October-December quarter, compared with CHF1.6bn in the same period a year earlier. Annual outflows in 2022 reached CHF123.2bn, versus inflows of CHF30.9bn in 2021. [Credit S](https://www.globaldata.com/company-profile/credit-suisse-group-ag) [u](https://www.globaldata.com/company-profile/credit-suisse-group-ag) [isse](https://www.globaldata.com/company-profile/credit-suisse-group-ag) has registered [net loss attributable to shareholders of CHF1.39bn ($1.5bn) in Q4 2022](https://www.credit-suisse.com/media/assets/corporate/docs/about-us/media/media-release/2023/02/q4-22-press-release-en.pdf) as it continues to struggle with the reputational hit from a series of scandals. It marks the bank’s fifth straight quarterly loss, compared with a loss of CHF2.09bn in Q4 2021. Assets under Management were CHF1.29tn at the end of last year, as against CHF1.61tn in the prior year. This takes the bank’s full-year loss in 2022 to CHF7.3bn, which is said to its biggest annual loss since the 2008 financial meltdown.

Revenues at investment bank and wealth management fall in bruising fourth quarter.

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The bank lost 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter and 7.3 billion Swiss francs ($8 billion) for the full year of 2022.

For the full year of 2022, the bank reported a loss of 7.3 billion Swiss francs ($8 billion), roughly in line with expectations. The company is in the middle of an overhaul, and CEO Ulrich Koerner says the changes are being implemented “at pace.” The bank lost 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter.

Finma says that while Credit Suisse Group 's liquidity buffers had a stabilising effect on the bank and are are being rebuilt after outflows, the regulator ...

Battered by one scandal after another, the bank saw a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion), although it said the picture has been improving. Finma said the bank's outflows "were indeed significant" in the fourth quarter, according to a statement to Reuters on Thursday. [(CSGN.S)](https://www.reuters.com/companies/CSGN.S)'s liquidity buffers had a stabilising effect on the bank and are are being rebuilt after outflows, the regulator "monitors banks very closely during such situations."

Good morning from the Financial Times. Today is Friday, February 10th, and this is your FT News Briefing. [MUSIC PLAYING]. Marc Filippino China has pulled ...

Like I was saying, it’s FTX. You know, the results were really bad and they were worse than people expected, but they weren’t at the scale that could really disrupt these plans. And that money hasn’t returned and it’s still at a much lower level is still bleeding out from the bank. The board and the management team laid out last October. So, you know, the patient is very sick. How do you describe the financial health of Credit Suisse right now, Owen? Can’t really say the same for Credit Suisse, though. That is the worst annual loss for Credit Suisse since the 2008 financial crisis. Peltz had been demanding big cost cuts at Disney, and that’s what Disney announced would happen in a big restructuring plan earlier this week. We will be watching. I’m Marc Filippino, and here’s the news you need to start your day. Marc Filippino

Check out the companies making the biggest moves in premarket trading: Tapestry — The company reported adjusted fiscal second-quarter earnings before the ...

[Mattel](/quotes/MAT/) — The toymaker lost 11% after [fourth-quarter results that missed analyst estimates](https://www.cnbc.com/2023/02/08/mattel-mat-earnings-q4-2022.html) due to sagging holiday sales. [Affirm](/quotes/AFRM/) — The buy now, pay later finance company dropped 17.6% in premarket trading after reporting an [earnings and revenue miss](https://www.cnbc.com/2023/02/08/affirm-cuts-19percent-of-workforce-shares-tank-on-earnings-miss) Wednesday. [PepsiCo](/quotes/PEP/) -- The beverage giant reported adjusted [fourth-quarter earnings and revenue](https://www.cnbc.com/2023/02/09/pepsico-pep-q4-2022-earnings.html) before the bell that beat expectations, thanks to price hikes that boosted sales. [Wynn Resorts](/quotes/WYNN/) — The hotel and casino operator rallied 5.2% after reporting $1 billion in revenue for the fourth quarter, topping analysts' expectations of $958 million, according to Refinitiv. [Disney](/quotes/DIS/) — The entertainment company's shares jumped more than 6% following the c [ompany's better-than-expected earnings report.](https://www.cnbc.com/2023/02/08/disney-dis-earnings-q1-2023.html) Disney reported a smaller-than-expected drop in subscribers, as well as a beat on the top and bottom lines. [Tesla](/quotes/TSLA/) — The electric-vehicle maker gained more than 3% in the premarket. [MGM Resorts International](/quotes/MGM/) — The casino operator gained 6.2% after beating Wall Street's expectations on fourth-quarter revenue, reporting $3.59 billion compared to estimates of $3.35 billion, according to Refinitiv. [Robinhood](/quotes/HOOD/) — Shares of the brokerage platform rose more than 4% in premarket trading despite Robinhood's fourth quarter revenues coming short of expectations. Affirm also announced layoffs of 19% of the workforce and was subsequently [downgraded by RBC Capital Markets](https://www.cnbc.com/2023/02/09/rbc-capital-markets-downgrades-affirm-as-macro-headwinds-higher-interest-rates-persist.html) to sector perform from outperform. [Tapestry](/quotes/TPR/) — The company reported adjusted fiscal second-quarter earnings before the bell of $1.33, beating StreetAccount's estimate of $1.27, and raised its fiscal 2023 earnings outlook. [Credit Suisse](/quotes/CS/) -- The Swiss bank reported a [fourth-quarter and annual loss that missed estimates](https://www.cnbc.com/2023/02/09/credit-suisse-posts-massive-annual-loss-as-radical-restructure-gets-underway.html) and said it is expecting another "substantial" full-year loss in 2023. [Hilton Worldwide](/quotes/HLT/) — The hotel operator reported adjusted fourth-quarter earnings of $1.59 per share before the bell, topping estimates of $1.22, per StreetAccount.

Mostly this is about the shape, costs and revenue of the future CS First Boston investment bank and Credit Suisse's remaining markets businesses. But it's also ...

Until this detail is released, the true shape and prospects for the future Credit Suisse remain in the shadows. The bank declined to give any guidance, but promised that it will produce a restatement of its recent numbers for its new divisions in April. Previously, he was a reporter for the Wall Street Journal and the Financial Times. Credit Suisse also sold a large chunk of its securitized-products business to Apollo Global Management for a pretax gain of $800 million, which will be booked in the first quarter of this year. The fact that it has been so wounded by the turbulence at Credit Suisse leaves investors wary of the bank’s prospects. The biggest disappointment in Thursday’s results was that those outflows didn’t begin to reverse before the end of the year.

Disney: The entertainment giant plans to cut 7000 jobs and eliminate $5.5 billion in costs as part of a major corporate reorganization led by newly ...

The company unveiled new AI search and map functions, just as rival Microsoft said it would use ChatGPT in its Bing search engine.\n\n↘️ Credit Suisse: Shares slid as much as 5% after the beleaguered bank reported its fifth consecutive quarterly loss and said outflows from rich clients hammered results. Shares ticked up in premarket trading.\n\n↗️ Tesla: The automaker's shares rose 3% premarket after a government report indicated that the driver of a Tesla Model S hadn’t engaged any of Tesla’s advanced driver-assistance features before crashing north of Houston in April 2021.\n\n↘️ Google: Shares stabilized in premarket trading after falling more than 7% Wednesday. ↗️ Disney: The entertainment giant plans to cut 7,000 jobs and eliminate $5.5 billion in costs as part of a major corporate reorganization led by newly reinstated Chief Executive Bob Iger.