Swiss banking giant Credit Suisse is becoming a custom Investor warned On Wednesday, it’s likely to lose money in that latest quarter. This was Credit Suisse’s third consecutive deficit quarter, before each of which was warned that the results would be worse than initially expected by banks as a result of a series of crises and cataclysms.
Credit Suisse’s share price fell 5%, close to a record low. This year we lost about 30 percent of its value.
In the latest warning, Credit Suisse cited market volatility and reduced customer activity due to the war in Ukraine, central banks raising interest rates to combat high inflation, and the end of the pandemic bailout program. .. The bank said it would accelerate cost-cutting plans that previously targeted savings of up to $ 1.5 billion annually by 2024. Currently, it is not concrete, but aims to “maximize savings after 2023.”
Bloomberg report The bank, which has about 51,000 employees, was considering a round of headcount reduction as part of its plan. A Credit Suisse spokeswoman declined to comment on this report and referred to a bank statement.
Swiss banks have become unstable due to repeated setbacks.Last year, banks considered billions of dollars intertwining Green sill Capital, bankrupt British lenders, and Archegos, A collapsed hedge fund. Banks suffered additional legal costs in the previous quarter. This is partly related to a multi-million dollar dispute with the former Prime Minister of Georgia, who lost a court in Bermuda. Banks have also frozen more than $ 10 billion in assets held by customers subject to sanctions against Russia’s invasion of Ukraine.
Credit Suisse’s current CEO, Thomas Gottstein, took over in early 2020, following his former CEO. Tijan Tiam, Was evacuated after an employee surveillance scandal. In January, the bank’s chairman, Antonio Horta-Osorio, said Get offIt’s been less than a year since he took up the position after investigating whether his trip broke the rules of a pandemic. April, Credit Suisse publication Resignation of Chief Financial Officer, Head of Asia, and Legal Advisor.
The biggest Wall Street bank boss, competing with Credit Suisse around the world Warning this month The economic outlook is deteriorating. Credit Suisse is trying to turn its business around in the midst of internal turmoil, which could add pressure to Credit Suisse.
After repeated profit warnings, some analysts have lost confidence in banks. Berenberg’s Eoin Murany, who lowered Credit Suisse’s predictions last month, wrote in his accompanying note: .. “
