Credit Suisse takes huge hit from hedge fund collapse (April, 2021) London CNN — Credit Suisse (CS) has reported its biggest annual loss since the financial crisis in 2008, highlighting the scale of the challenge facing the scandal-plagued Swiss bank as it attempts a turnaround . The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter of 2022, extending a losing streak that started in 2021 and taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). The bank’s shares fell 5% in early trade. The stock has plunged 65% over the past 12 months but is up 12% so far in 2023. Credit Suisse said in a statement that the fourth-quarter performance was impacted by “the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter and the execution of our strategic actions.” It added that it expected to make another “substantial loss” in 2023. Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022, when the bank was hit by social media […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
