Credit Suisse warns of a slowdown in sales

Credit Suisse has warned that its money-lending bank will report a fourth-quarter loss as trading volume declines, reflecting the recent collapse of the Swiss lender who withdrew the departure of António Horta-Osório this month.

The last quarter of 2021 was slowly coming down to its savings bank which showed a “return to normalcy”, Credit Suisse said Tuesday.

On the downside, the bank also said it would take a portion of the SFr500m ($ 545m) phase four to address cases, mainly linked to its banking business.

The warning was delayed for 12 months at Switzerland’s second largest bank, which was published by $ 10bn cash closure linked to Greensill Capital, a history lost after the collapse of the Archegos Capital family office and exhaustion of the seat Horta-Osório in violation of the rules of coronavirus.

Credit Suisse shares have dropped more than 10 percent since Horta-Osório resigned last week, and have dropped nearly 40 percent since March.

The collapse of the historic trade as a result of the collapse of the Archegos led the bank to get out first and reduce the amount of risk it was taking. Credit Suisse said it was a way to restructure the profits of the bank for the quarterly investment.

“While eliminating employee and customer uncertainty is a new approach to groups in November, it is clear that long-term rising remains a challenge, and aspirations to grow the top line remain a long-term prospect,” said Andrew Coombs, a researcher at Citigroup. . “We hope the results will raise some questions for supervisory management.”

Credit Suisse did not elaborate on the details of the lawsuit filed, but does not relate to the missing funds for the Greensill supply chain, whereas the number of cases including investors and SoftBank is expected to take years to complete.

The impact of the plan will be slightly offset by the SFr225m profit from real estate sales, the bank added.

His struggle in the final phase was not in his cash-strapped bank. The Credit Suisse Treasury, which is run to find and its Swiss counterpart UBS, has experienced a “significant decline in sales activity” in the Asia-Pacific region, it said.

“We expect the results to be even worse than your peers and doubt the new way I am investing more money in financial management and growing this business,” Coombs said.

The bank has already announced it will take a positive loss of SFr1.6bn a quarter. Prior to this, the entire bank is expected to collapse even then.