Credit Suisse, a Switzerland-based investment bank, announced today that it is expecting heavy losses from the meltdown of a US-based hedge fund. Credit Suisse mentioned that it took a charge of approximately CHF 4.4 billion ($4.7 billion).
According to the official announcement, Credit Suisse is expecting a pre-tax loss of CHF 900 million ($960 million) in the first quarter of 2021. The bank mentioned that the recent hedge fund fiasco will negate the very strong performance that had otherwise been achieved by the Groups investment banking businesses.
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!
