GENEVA: Credit Suisse on Thursday posted its biggest annual loss since the 2008 financial crisis and the scandal-plagued Swiss banking giant expects to fall deeper into the red in 2023, sending its shares tumbling.
Switzerland’s second-biggest bank, which unveiled a dramatic restructuring plan in October aimed at stopping the rot, reported a net loss of 7.3 billion Swiss francs ($7.9 billion) for 2022.
The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago.
Citing the impact from restructuring charges and its exit from non-core businesses,…
