Credit Suisse Reports Biggest Annual Losses in Bank’s History

Credit Suisse Reports Biggest Annual Losses in Bank’s History

Credit Suisse reported unexpectedly big annual losses in a recent financial statement that blew everyone’s predictions. The Swiss banking behemoth lost CHF 7.3 billion in 2022, more than the CHF 6.52 predicted by experts. As a result, the bank lost 20% of its assets. The report issued by the bank causes its share to go down by 10% this Thursday.

2022’s Q4 results surpassed the projections, amounting to CHF 1.4 billion, which was more than CHF 800 million more than what the expert forecasted. It’s Q3 of last year experienced an even bigger loss of CHF 3.8 billion.

This is by far the biggest crisis in the bank’s half a century old history, an unprecedented black spot on its record. The past tow years have been existential for the bank, after a series controversies resurfaced about the bank, including a bunch of multi million dollar settlements issued by global banking regulators, and losses as a result of various fin institution collapses.

In 2022 the bank entered a “reconstruction” phase in which it revealed plans to raise $4 billion, to fire 9000 of its global employees, and to launch its first ever American branch, Credit Suisse First Boston. Moreover, the bank moved to acquire The Klein Group, paying some $175 million.

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