Credit Suisse Group on Thursday reported its worst annual loss since the 2008 global financial crisis, battered by scandals and heavy losses that led to unprecedented customer withdrawals.
Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File Photoon Thursday reported its worst annual loss since the 2008 global financial crisis, battered by scandals and heavy losses that led to unprecedented customer withdrawals.
Switzerland's second biggest bank posted a net loss in the fourth quarter of 1.39 billion Swiss francs , in line with an analyst consensus estimate compiled by the lender.The result compares with a 2 billion franc loss in the same quarter a year earlier, and brings Credit Suisse's total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red.
The group's net asset outflows for the last three months of the year totalled 110.5 billion Swiss francs, the bank said. In its flagship wealth management division, Credit Suisse reported outflows of 92.7 billion francs, much higher than the 61.9 billion analysts had expected, and putting the new total for the division's assets under management at 540.5 billion.
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