Sunday, June 4, 2023

Credit Suisse advances three days to publish its quarterly results

Credit Suisse announced this Tuesday that it will advance the publication of its financial results andn the first quarter, from April 27 to 24, which will allow them to come to light before those of its rival and buyer, UBS.

UBS, which bought Credit Suisse at the behest of the Swiss government for 3 billion francs (€3.05 billion) to save it from bankruptcy, will release its results on April 25, a day later.

In its previous earnings report, for the full year 2022, Credit Suisse reported losses of 7.293 million francs (€7.4 billion) in February, after years of exposure to collapsed venture firms such as Archegos and Greensill.

This, together with numerous image scandals and a drop in investor confidence in the stock market after the fall in the United States of Silicon Valley Bank and the Signature Bankplunged the second largest bank in Switzerland into a serious crisis that the country’s government tried to quell with its purchase by UBS.

At what was likely its last shareholder meeting, on April 4, 167-year-old Credit Suisse narrowly re-elected Axel Lehman as its chairman.


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