ZURICH (Reuters) – Credit Suisse on Tuesday flagged roughly 500 million Swiss francs ($545.91 million) in litigation provisions, which it said was expected to push its fourth-quarter results down to breakeven.
“Credit Suisse Group (Group) today announced that the reported profits for the fourth quarter 2021 will be negatively impacted by litigation provisions of approximately CHF 500 million, partly offset by gains on real estate sales of CHF 225 million,” the embattled lender said in a statement.
“Before deduction of the already announced approximately CHF 1.6 billion goodwill impairment for the Group … this is expected to result in a reported pre-tax income/(loss) for the Group of approximately breakeven for the fourth quarter 2021.”
($1 = 0.9159 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi, Editing by Miranda Murray)
