Credit Suisse Posts Loss Despite Boost from Investment Bank
Credit Suisse Group AG said hefty legal charges pushed it to a fourth-quarter loss, even as a rebound in investment banking lifted other parts of the bank's operations. On Thursday, the Swiss bank reported a loss of 353 million Swiss francs, or nearly $393 million, for the fourth quarter. Analysts expected a loss of about 566 million Swiss francs. Even in a difficult year, Credit Suisse fared better than many European rivals because its lending in Switzerland and to the global rich held up in the pandemic. Along with Wall Street competitors, its investment bank booked bumper fees from clients trading in last year's gyrating markets and from companies raising capital or needing deal advice. On Thursday, it said its investment banking arm made a $318 million pretax profit in the fourth quarter, with the biggest revenue contribution coming from stock and bond deals.