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Credit Suisse warns of first-quarter loss as legal provisions balloon

Credit Suisse has warned that it expects a loss in the first quarter after a sharp rise in its legal provisions, the latest blow to the Swiss bank that has struggled to draw a line under multiple crises in recent years.

The bank said on Wednesday it would set aside an additional £ 600m (£ 484m) for litigation provisions in the first quarter, which would take the total amount to around £ 700m, for what it described as developments in legal matters that began more than a decade ago.

Along with the much higher legal provisions, Credit Suisse said that the fallout from Russia’s invasion of Ukraine would leave it with about 200 million SFr. Of “negative income and provisions for credit losses”.

The bank did not provide details about the litigation covered by the directives, but the rise comes less than a month after Bidzina Ivanishvili, the former Georgian prime minister. Won a lengthy lawsuit against her.

Credit Suisse said at the time that he might have to pay more than $ 500 million following the loss. The bank will report its first quarter results on April 27th.

Credit Suisse warns of first-quarter loss as legal provisions balloon Source link Credit Suisse warns of first-quarter loss as legal provisions balloon

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