Bank highlights challenging economic and market environment that have had impact on client activity across divisions via IrishTimesBiz
Wed Nov 23 2022 - 06:48
Credit Suisse expects to make a pre-tax loss of up to 1.5 billion Swiss francs during its fourth quarter, the embattled Swiss bank said on Wednesday, as it prepares to ask shareholders for permission to raise new equity. “In its outlook statement on October 27th, 2022, the bank highlighted that the challenging economic and market environment has had an adverse impact on client activity across its divisions,” Switzerland’s second-largest bank said.
“In particular, the investment bank has been impacted by the substantial industry-wide slowdown in capital markets and reduced activity in the sales and trading businesses, exacerbating normal seasonal declines, and the Group’s relative underperformance,” the bank added. Client activity remains subdued in the wealth management and Swiss bank divisions, and the bank expects these market conditions to continue in the coming months.
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