Finance

Credit Suisse posts 252 million Sfr first-quarter loss, as Archegos wipes trading gains By Reuters

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© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich

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ZURICH (Reuters) – Credit Suisse (SIX:) on Thursday posted a slightly smaller-than-flagged 757 million Swiss franc first-quarter pre-tax loss, as a multi-billion dollar hit from the collapse of U.S. investment fund Archegos stymied a bumper trading quarter.

Stripping out the 4.4 billion franc charge and other significant items, the bank said pre-tax profit would have been 3.6 billion francs, which would have represented the bank’s best quarter operationally in at least a decade.

A net loss of 252 million francs compared with a mean estimate of 815 million francs in the bank’s own poll of 17 analysts.

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