Credit Suisse is the latest lender—and first European bank—to set aside $1 billion in reserves to cover loan losses and warned of uncertainty as the coronavirus crisis continues to upend business and economic activity
Credit Suisse is the latest lender—and first European bank —to set aside $1 billion in reserves to cover loan losses and warned of uncertainty as the coronavirus crisis continues to upend business and economic activity.Credit Suisse joins several major U.S. banks in setting aside the reserves: “We delivered a resilient performance, while absorbing a significant reserve build of over 1 billion francs,” new CEO Thomas Gottstein said on Thursday.
Chief financial officer David Mathers said on Thursday: “We are dealing with probably the most severe macroeconomic crisis that the world has seen since the 1920s.”
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