Credit Suisse sees Q4 net loss due to US case

Friday, 08. January 2021 07:49

Credit Suisse Group AG stated on Friday that it will post a net loss in the fourth quarter due to additional provisions it took to cover potential settlements relating to residential mortgage backed securities in the United States.

"Although Credit Suisse previously set aside $300 million in provisions in connection with this case and continues to believe it has strong grounds for appeal, we indicated on December 1, 2020, that we would evaluate the need for additional provisions," Credit Suisse said in a statement.

The banking giant said that increased its provisions for a decade-long dispute by $850 million. It's set to report Q4 earnings on February 18.

Related Links: Credit Suisse Group
Breaking the News / MD