Reporting by Oliver Hirt; Writing by Maria Martinez; Editing by Hugh Lawson
Finance
Credit Suisse posted $4 billion loss in second quarter, Sonntagszeitung reports
UBS Group and Credit Suisse logos are seen in this illustration taken March 18, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing Rights
BERLIN, Aug 27 (Reuters) – Credit Suisse, which is now a subsidiary of UBS (UBSG.S), posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.
Spokespersons for UBS and Credit Suisse declined to comment.
Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs.
UBS will present its quarterly results on Aug. 31.
($1 = 0.8845 Swiss francs)
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