Credit Suisse Posts Loss Despite Boost From Investment Bank

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Credit Suisse said hefty legal charges pushed it to a fourth-quarter loss, even as a rebound in investment banking lifted other parts of the bank’s operations

On Thursday, the Swiss bank reported a loss of 353 million Swiss francs, or nearly $393 million, for the fourth quarter. Analysts expected a loss of about 566 million Swiss francs.

Even in a difficult year, Credit Suisse fared better than many European rivals because its lending in Switzerland and to the global rich held up in the pandemic. Along with Wall Street competitors, its investment bank booked bumper fees from clients trading in last year’s gyrating markets and from companies raising capital or needing deal advice.

Fourth-quarter pretax profit also rose in Credit Suisse’s Asia-Pacific division, by 18% to 237 million Swiss francs, while revenue and pretax profit fell at its Swiss bank and international wealth management unit.. In February, its board ousted Chief Executive Tidjane Thiam over a spying scandal and replaced him with bank veteran Thomas Gottstein. A prominent client in China,

 

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