ZURICH (Reuters) – Credit Suisse is likely to experience a group-wide loss in the second quarter, the bank said on Wednesday, a further blow to the embattled lender.
“The combination of the current geopolitical situation following Russia’s invasion of Ukraine, significant monetary tightening by major central banks in response to the substantial increase in inflation and the unwind of COVID-related stimulus measures have resulted in continued heightened market volatility, weak customer flows and ongoing client deleveraging, notably in the APAC region,” Credit Suisse said in a statement.
“Within the Investment Bank …the impact of these conditions, together with continued low levels of capital markets issuance and the widening in credit spreads … are likely to lead to a loss for this division as well as a loss for the Group in the second quarter of 2022.”
(Reporting by Brenna Hughes Neghaiwi, Editing by Miranda Murray)
