Credit Suisse reports $4B loss in 2Q, says Sonntagszeitung.
Breaking News: Credit Suisse Posts $4 Billion Loss in Q2 2023
According to insiders at the bank, Credit Suisse, now a subsidiary of UBS, has reported a staggering loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023. This news comes as a blow to the financial industry, and experts are closely watching the situation.
Spokespersons for UBS and Credit Suisse have declined to comment on the matter, leaving many questions unanswered.
Credit Suisse had already anticipated a significant pre-tax loss for the second quarter and full year 2023. This was due to their strategic decision to exit non-core businesses, as well as the costs associated with restructuring and financing.
UBS, on the other hand, is set to present its quarterly results on August 31st, which will be closely watched by investors and analysts.
($1 = 0.8845 Swiss francs)
(Reporting by Oliver Hirt; Writing by Maria Martinez; Editing by Hugh Lawson)
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