Credit Suisse\n \n has reported its biggest annual loss since the financial crisis in 2008, highlighting the scale of the challenge facing the scandal-plagued Swiss bank as it attempts a turnaround. The lender on Thursday posted a loss of 1.4 billion Swiss francs in the fourth quarter of 2022, extending a losing streak that started in 2021 and taking its full-year loss to 7.3 billion Swiss francs . In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs .
For example, the collapse of US hedge fund Archegos Capital Management, a client of Credit Suisse, in 2021 cost the bank $5.5 billion. An independent external investigation later found “a failure to effectively manage risk.” Credit Suisse has since embarked on a major restructuring plan that entails cutting 9,000 full-time jobs, spinning off its investment bank and focusing on wealth management. In a step towards this, the company announced Thursday the acquisition of M.
The so called bank who houses money from white colored criminals…
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