Credit Suisse posted $4 billion loss in second quarter, Sonntagszeitung reports, which cited insiders at the bank.

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by Dismal-Jellyfish

Source: www.reuters.com/business/finance/credit-suisse-posted-4-billion-loss-2q-sonntagszeitung-2023-08-27/

Credit Suisse, which is now a subsidiary of UBS (UBSG.S), posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.

Spokespersons for UBS and Credit Suisse declined to comment.

Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs.

UBS will present its quarterly results on Aug. 31.

($1 = 0.8845 Swiss francs)

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www.theglobeandmail.com/business/article-credit-suisse-posted-us4-billion-loss-in-second-quarter-media-reports/

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TLDRS:

  • Credit Suisse supposedly posted $4 billion loss in second quarter.
  • Those Archegos bags getting heavy?
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