ZURICH -Credit Suisse expects a pre-tax lack of as much as 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter because it retains bleeding money, the Swiss financial institution stated on Wednesday, shortly earlier than shareholders authorized a $4 billion capital hike.
The financial institution stated a “difficult” financial and market atmosphere had damage consumer exercise, whereas money outflows throughout the enterprise had elevated initially of its fourth quarter.
The revenue warning is the newest setback for the embattled lender which had beforehand forecast a internet loss for the final three months of the yr however didn’t give a determine.
The financial institution additionally gave a sobering evaluation of the dimensions of its issues, which have been exacerba…
Keep on studying: Credit Suisse flags hefty loss as wealthy shoppers go away