The embattled Swiss bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion), far below consensus expectations among analysts for a 398.16 million Swiss franc loss.
The investment bank was hit by significantly lower capital markets issuance activity and reduced client activity, Credit Suisse said in a summary on Wednesday, acknowledging that the division's positioning"was not geared towards benefiting from the volatile market conditions" and its areas of strength, such as capital markets, were"significantly impacted."
"In the Investment Bank, while we have a robust pipeline of transactions, these may prove difficult to execute in the current market environment," Credit Suisse warned in its report. Operating expenses climbed 10% year-on-year and included major litigation provisions of 434 million Swiss francs relating to multiple legal matters.Wednesday's dismal earnings report comes on the back of a net loss of 273 million Swiss francs in the first quarter, as Russia-related losses and continued litigation costs arising from theIn the second quarter of 2021, Credit Suisse's net income reached 253 million Swiss francs, a 78% drop from the previous year, after taking a 4.
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