Ares Capital Earnings Update: Did it Beat Estimate Forecasts?

Credit Suisse sees ‘substantial’ loss of up to CHF 1.5B in Q4

Trading Now: Credit Suisse sees ‘substantial’ loss of up to CHF 1.5B in Q4

Strategic actions taken to significantly reduce the Group’s risk profile are expected to be reflected in near-term financial results. Consistent with its announced divestment strategy, the bank disposed of its shareholding in Allfunds Group plc, and expects to record a CHF ~75 million loss related to the sale. Lower deposits and assets under management are expected to lead to reduced net interest income and recurring commissions and fees; this is likely to lead to a loss for Wealth Management in the fourth quarter of 2022. Together with the adverse revenue impact from the previously disclosed exit from the non-core businesses and exposures, and as previously announced on October 27, 2022, Credit Suisse would expect the Investment Bank and the Group to report a substantial loss before taxes in the fourth quarter 2022, of up to CHF ~1.5 billion for the Group.

Published first on TheFly

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