Credit Suisse flags Q2 loss in latest in string of profit warnings - 08 iunie 2022

Credit Suisse (US.CS) warned on Wednesday of a likely second-quarter loss as volatility hit its investment bank, the third quarter in a row for which Switzerland's second-largest bank has issued a profit warning. The bank has described 2022 as a "transition" year in which it is trying to turn the page on costly scandals that brought a near-total reshuffle of top management and a restructuring seeking to curtail risk-taking, particularly in its investment bank. Announcing its third consecutive quarterly profit warning, the lender said it now aims to bring cost savings forward, speeding up measures introduced as part of its reorganisation in November targeting 1.0 billion-1.5 billion Swiss francs ($1.03 billion-$1.54 billion) in structural cost savings annually by 2024. "Given the economic and market environment, we are accelerating our cost initiatives across the group with the aim of maximizing savings from 2023 onwards," it said in a statement, adding further details would be provided at an investor update on June 28.

https://uk.finance.yahoo.com/news/credit-suisse-says-loss-likely-045754346.html