reported a worse-than-expected fourth-quarter loss from fallen revenue and said 2022 will be a year of transition after punishing hits to its balance sheet and reputation.
The bank posted a net loss of 2 billion Swiss francs, equivalent to $2.16 billion, for the three months ending December. It had warned profits would be hit by legal costs and other charges. Net revenue for the quarter fell 12% year on year.
Credit Suisse has been reeling since twin disasters struck in March 2021 with the collapse of key clients Greensill Capital and Archegos Capital Management. Former Chairman
António Horta-Osório
had to resign in January for breaking coronavirus rules in England and Switzerland, after vowing to make the bank less…
