Credit Suisse logs worst annual loss since global financial crisis

ZURICH – Credit Suisse Group on Thursday reported its worst annual loss since the 2008 global financial crisis, battered by scandals and heavy losses that led to unprecedented customer withdrawals.

Switzerland’s second biggest bank posted a net loss in the fourth quarter of 1.39 billion Swiss francs ($1.51 billion), in line with an analyst consensus estimate of 1.34 billion francs compiled by the lender.

The bank had flagged in November a hefty quarterly loss.

The result compares with a 2 billion franc loss in the same quarter a year earlier, and brings Credit Suisse’s total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red.

($1 = 0.9195 Swiss francs)