Credit Suisse said it took 'major litigation provisions' of 1.1 billion Swiss francs in 2021.
In the bank's earnings report, CEO Thomas Gottstein acknowledged that 2021 was a "very challenging year" for Credit Suisse.
"Our reported financial results were negatively impacted by the Archegos matter, the impairment of goodwill relating to the Donaldson, Lufkin & Jenrette acquisition in 2000 and litigation provisions, as we look to proactively resolve legacy issues," Gottstein said. During the last three quarters of the year, Gottstein said the bank was run with a "constrained risk appetite across all divisions," as it attempted to strengthen risk and controls processes and continued remediation effort, including returning cash to investors following the supply chain finance funds issue.
"Our clear focus remains on the disciplined execution of our new Group strategy as announced in November 2021: strengthening our core and simplifying our organization as we look to invest for growth in key strategic business areas," Gottstein added.following a bizarre and protracted spying scandal that rocked Switzerland's second-largest bank to its foundations.CET 1 ratio, a measure of bank solvency, reached 14.4% from 12.9% a year ago.
Fourth-quarter net revenues stood at 4.58 billion Swiss francs, from 5.22 billion Swiss francs a year earlier.The bank's shares are down more than 27% over the past 12 months.
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