Credit Suisse warns of further pain after biggest losses since 2008

Elliot Gulliver-Needham
clock • 1 min read

Credit Suisse saw a £1.3bn (CHF 1.4bn) loss in the last quarter of 2022, taking the bank's annual loss to £6.6bn (CHF 7.3bn). In the bank's annual results published today (9 February), it reported its biggest annual loss since the 2008 financial crisis, warning that it expected another "substantial loss" in 2023 due to restructuring costs. The firm's restructuring plan, which will see 9,000 of its 52,000 staff cut, involves spinning off the firm's investment bank and strengthening its wealth management arm. Plagued by scandal, the bank reported outflows of £96.2bn (CHF 107bn) throu...

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