Credit Suisse expects $2.2 billion third-quarter loss

September 29, 2023 / 5:55 PM
Sharjah 24 – AFP: Credit Suisse said Friday it may post a third-quarter loss of as much as $2.2 billion in the wake of the fallen bank's acquisition by Swiss rival UBS.
Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement.

The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added.

The figures follow a loss of 9.3 billion Swiss francs ($10.5 billion) in the second quarter.

Swiss authorities compelled UBS to take over Credit Suisse for $3.25 billion in March over concerns that the bank was about to collapse and spark a global financial crisis.

UBS said last month that it plans to fully absorb Credit Suisse's Swiss division and slash 3,000 jobs, with the aim of completing most of the integration of its rival by 2026.
September 29, 2023 / 5:55 PM

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