Credit Suisse logs worst annual loss since global financial crisis

ZURICH, Feb 9 (Reuters) – Credit score Suisse Group (CSGN.S) on Thursday reported its worst annual loss because the 2008 international monetary disaster, battered by scandals and heavy losses that led to unprecedented buyer withdrawals.

Switzerland’s second greatest financial institution posted a internet loss within the fourth quarter of 1.39 billion Swiss francs ($1.51 billion), consistent with an analyst consensus estimate of 1.34 billion francs compiled by the lender.

The financial institution had flagged in November a hefty quarterly loss.

The consequence compares with a 2 billion franc loss in the identical quarter a yr earlier, and brings Credit score Suisse’s complete internet loss in 2022 to 7.29 billion francs, marking its second straight yr within the pink.

Web asset outflows for the final three months of the yr totalled 110.5 billion Swiss francs, the financial institution mentioned.

The haemorrhaging of funds final yr led to it breach some liquidity necessities.

The financial institution, nevertheless, accomplished a 4 billion Swiss franc fundraising in December and mentioned liquidity ranges had been boosted, whereas Koerner mentioned final month that Credit score Suisse was “seeing cash now coming again in numerous components of the agency.”

Amongst a slew of scandals lately, Credit score Suisse has been significantly exhausting hit by its $5.5 billion loss on U.S. funding agency Archegos and the freezing of $10 billion price of provide chain finance funds linked to bancrupt British financier Greensill.

($1 = 0.9195 Swiss francs)

Reporting by Noele Illien; enhancing by John Stonestreet and Edwina Gibbs

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