The Swiss investment banking company has recently announced its strategic organisational restructuring plan and has reported total restructuring expenses of CHF55m in this quarter
Credit Suisse building in Zürich, Switzerland. (Credit: Roland zh/Wikipedia)
Credit Suisse has reported a net loss of CHF4.03bn ($4bn) for the third quarter ended 30 September 2022, compared to a profit of CHF434m ($430m) for the same quarter the previous year.
The company has reported a net interest income of CHF1.2bn for the third quarter (Q3) of 2022, a 15% decline compared to CHF1.4bn for the corresponding quarter in 2021.
The Swiss investment bank’s net revenue for the reported period was CHF3.8bn, a 30% decrease compared to CHF5.4bn for the respective quarter previous year.
The company reported total operating expenses of CHF4.1bn for Q3 2022, a 10% decline compared to CHF4.5bn for the same period in 2021.
Credit Suisse has recently announced its strategic organisational restructuring plan and has reported total restructuring expenses of CHF55m in this quarter.
Credit Suisse Group chief executive officer Ulrich Körner said: “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.”
Credit Suisse’s Wealth Management business reported net revenues of CHF1.4bn for Q3 2022, an 18% decline compared to CHF1.7bn for the respective quarter in 2022.
The company’s Investment Bank reported net revenues of CHF1.1bn for Q3 2022, a 56% decrease compared to CHF2.5bn for the same period the previous year.
Its Swiss Bank unit reported net revenues of CHF962m for Q3 2022, a 9% decrease compared to CHF1.05bn for the respective quarter last year.
Credit Suisse’s Asset Management division reported net revenues of CHF336m for Q3 2022, a 15% increase compared to CHF292 for the corresponding quarter in 2022.