Credit Suisse set aside $584 million to cover potential loan losses from global corporations and Swiss borrowers who might struggle to bounce back from the coronavirus shutdown
Credit Suisse Group AG set aside 568 million Swiss francs to cover potential loan losses from global corporations and Swiss borrowers who might struggle to bounce back from the coronavirus shutdown, in the first report of first-quarter earnings by a major European bank.
The bank, Switzerland’s second-largest by assets, said credit provisions reflected the deteriorating economic outlook, though it reported a surge in first-quarter trading revenue from higher client activity. Net revenue rose to 5.78 billion...
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