ZURICH, Jan 25 ― Credit Suisse warned today that it was likely to make a net loss in the fourth quarter as the scandal-hit lender flagged fresh legal costs and said business in its trading and wealth management divisions had slowed.
Combined with other charges, it said this was expected to result in a reported pre-tax income or loss of “approximately breakeven” for the fourth quarter. Switzerland's second-largest lender announced plans in November to rein in its investment bankers and plough money into looking after the fortunes of the world's rich as it tries to curb a freewheeling culture that has cost it billions in a string of scandals.
Credit Suisse said on Tuesday its investment bank would also be affected by a slowdown in transaction-based revenue.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »