February 24, 2024
London, UK

Credit Suisse (CSGN) Reports Huge Q4 Loss

Credit Suisse stock CSGN

Credit Suisse (CSGN) reported the worst annual loss since the Great Financial Crisis in 2008. Here are the key figures from the fourth quarter of 2022 which was the fifth straight quarter of losses.

Credit Suisse Net Revenue came at Chf3.06 billion below the expectations of Chf3.35 billion. A year earlier net revenues were Chf4.58 billion.

Net loss was Chf1.39 billion mostly in line with forecasts. The loss in the same quarter the previous year was at Chf2 billion.

The fourth quarter CET1 Ratio was at 14.1% from 14.4% the previous year, the forecasts were for 13.7%.

The fourth quarter operating expenses came at Chf4.33 billion from Chf6.27 billion a year ago.

In the fourth quarter, the outflows reached Chf110.5 billion.

The wealth management segment had Chf92.7bn of the outflows in Q4, worst than the analyst’s expectations of Chf61.9 billion

Net loss for the full year 2022 was at Chf7.29 billion.

CSGN will cut total 2022 bonus pool for bankers by 50%.

Credit Suisse CEO Ulrich Koerner said that the full results were “completely unacceptable,”

Read also: Credit Suisse reports a huge Q3 loss

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