Stock Exchange Day: Old Litigation: Credit Suisse Earns Less

The stock market day
Old litigation: Credit Suisse earns less

The major Swiss bank Credit Suisse last year because of the consequences of the Corona crisis and the costs of old legal disputes earned less. The bank announced that the surplus had fallen by 22 percent to 2.7 billion francs (2.5 billion euros). One reason for the decline in profits was the increase to almost 1.1 billion Swiss francs Provision for loan defaults as a result of the pandemic. In 2019, the value was just CHF 324 million. The pre-tax profit, adjusted for special effects, increased by six percent to 4.4 billion francs, and operating income increased, it said. In addition, the current year has got off to a very good start, said Thomas Gottstein, who recently became CEO and who is primarily focusing on expanding asset management.

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