Credit Suisse posted $4 billion loss in second quarter, Sonntagszeitung reports

Credit Suisse, which is now a subsidiary of UBS, posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.

Spokespersons for UBS and Credit Suisse declined to comment.

Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs.

UBS will present its quarterly results on Aug. 31.

($1 = 0.8845 Swiss francs)