Credit Suisse Reports Net Loss for First Quarter, Reshuffles Management Team as Litigation Costs Bite
On Wednesday, the Swiss bank confirmed that Russia-related losses amounted to 206 million Swiss francs.
David Mathers, who has been chief financial officer since 2010, is leaving the bank. However, he will remain in his current position until a replacement is found.on Wednesday reported a net loss for the first quarter of 2022 and announced a management reshuffle, as the Swiss lender struggles with litigation costs and the fallout from the Russia-Ukraine war.
The net loss came in at 273 million Swiss francs for the quarter, after sending out a profit warning last week. On Wednesday, the Swiss bank confirmed that Russia-related losses amounted to 206 million Swiss francs.
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