Credit Suisse issues profit warning amid rocketing legal fees

Mark Battersby
clock • 1 min read

Credit Suisse has warned of losses in the fourth quarter as a result of mounting litigation costs and a slowdown in trading activity. The Swiss bank said it expects pre-tax profit to "breakeven" for the final quarter of the year as legal fees rose by CHF 500m. In a well-documented catelogue of challenges for the Swiss headquartered banking group, the most recent development saw chairman Antonio Horta-Osorio resign abuptly after breaking Covid-19 quarantine rules. "The reported profits for the fourth quarter 2021 will be negatively impacted by litigation provisions of approximately ...

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