Credit Suisse, 2022 blood red. The stock collapses on the Stock Exchange (-14%)
Swiss credit ended the 2022 financial year with a net loss of 7.3 billion francs. In the fourth quarter alone, in which the troubled bank was faced with an asset outflow of more than 110 billion, the red was 1.4 billion. Last year was marked by a sharp drop in earningsbut also from renovations e changes in management.
In 2021 Swiss credit it had already posted an annual loss of 1.6 billion Swiss francs after its bankruptcy debacles dell’hedge fund Archegos and to liquidation of Greensill funds. The only annual loss higher than that of 2022 was during the 2008 financial crisis, when it posted a hole of 8.2 billion.
The title of Swiss credit collapses into Stock Exchange in Zurich after the bank announced a net loss of $7.9 billion in 2022 and specified that it expects another pre-tax liability in 2023. The Swiss bank’s shares slip more than 14%, dragging down even the Smi index which, in contrast with the other main European markets, lost 0.11%.
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