has warned that it expects a first-quarter loss after a sharp increase in its legal provisions, the latest blow to the Swiss bank that has struggled to draw a line under multiple crises in recent years.
Alongside the much higher legal provisions, Credit Suisse said that the fallout from Russia’s invasion ofwould leave it with about SFr200 million of “negative revenues and provisions for credit losses”. The judge in the case ruled that Mr Ivanishvili, who was a client of the bank, and his family were due damages “substantially in excess of $500 million ”. Credit Suisse, whose shares are down more than 20 per cent this year, will report its first-quarter results on April 27th.“Credit Suisse . . .
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Credit Suisse expects Q1 loss as legal costs mountCredit Suisse Group expects to report a first-quarter loss after increasing legal provisions, seeing business activity slow and taking a hit from the fallout of Russia's invasion of Ukraine, the Swiss bank said today.
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Credit Suisse expects Q1 loss as legal costs mountCredit Suisse Group expects to report a first-quarter loss after increasing legal provisions, seeing business activity slow and taking a hit from the fallout of Russia's invasion of Ukraine, the Swiss bank said today.
Source: RTEbusiness - 🏆 16. / 61 Read more »
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