Credit Suisse expects higher costs from US case to push it to Q4 loss
Published Fri, Jan 8, 2021 · 02:53 PM
[ZURICH] Credit Suisse on Friday said it expects to book a net loss for its fourth quarter after increasing its provisions for a long-running dispute in the US by US$850 million.
The bank had already set aside US$300 million in connection with the case which relates to a decade-long dispute regarding a US residential mortgage-backed security, but said in December it expected the figure to rise.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say