Credit Suisse continues to suffer from difficult market conditions.
In the fourth quarter of 2022, the big bank expects a loss of up to CHF 1.5 billion before taxes.
The main reason is that the investment bank’s numbers are still deep in the red.
This is now the fifth quarterly loss in a row. Credit Suisse announced the figures ahead of an Extraordinary General Meeting on the capital increase.
CS management expects turnaround
In the first weeks of October 2022, the bank experienced significantly higher capital outflows. Overall, the capital outflows at group level as of November 11 amounted to around 6 percent of assets under management, according to a statement. In wealth management, the outflows in October could have been reduced, but they have not turned around yet. The situation has stabilized in the Swiss bank.
The group will continue with its strategic restructuring plan, which it started in October, the CS management assures in the statement. In the fourth quarter, she now expects further restructuring costs of around 250 million francs.
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