Zurich, Switzerland ● Wed, January 26 2022
Credit Suisse warned on Tuesday that it would post a fourth-quarter loss as the scandal-hit lender flagged fresh legal costs and said business in its trading and wealth management divisions had slowed.
Switzerland’s second-largest lender announced plans in November to rein in its investment bankers and plough money into looking after the fortunes of the world’s rich as it tries to curb a freewheeling culture that has cost it billions.
It said the investment bank would make a loss in the final quarter of the year, while the wealth management business had seen an overall drop in assets.
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