Credit Suisse Unveils Net Loss of CHF 4Bn for Q3 2022

Credit Suisse has released its financial results for the third quarter of 2022 (Q3 2022), citing that the performance continued to be challenged by the current economic and market environment.

Specifically, the net revenues fell to CHF 3.8bn from CHF 5.4bn in the last same period. The pre-tax loss reached CHF 342 mn, while in Q3 2021 the bank generated CHF 1.0bn pre-tax income. Besides, net loss attributable to shareholders came in at CHF 4bn, while in Q3 2021 the bank produced CHF 434mn net income. Regarding CET1 ratio, the figure decreased to 12.6% from 14.4% in the prior year;s Q3.

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"The third quarter, and more broadly 2022 so far, have been significantly impacted by the continued challenging market and macroeconomic conditions, leading to a weaker performance for our Investment Bank in particular. Our recent Group level performance has been disappointing for our stakeholders. From today, we are taking a series of decisive actions to re-focus Credit Suisse around the needs of our clients and stakeholders. Our new, integrated model will be focused on Wealth Management, the Swiss Bank, as well as Asset Management, and we will radically restructure the Investment Bank, strengthen capital, and accelerate our cost transformation. We believe these actions will lead Credit Suisse to a more stable performance and generate lasting value for our shareholders," said Ulrich Körner, Chief Executive Officer of Credit Suisse Group AG.

Shortly before, Credit Suisse launched a process that could see its U.S. asset management arm​ sold, as it seeks to reshape its business after multiple scandals.