Credit Suisse To Post Net Loss In Q4 - Quick Facts

(RTTNews) - Credit Suisse (CS) said it expects to increase provisions for the MBIA case and other RMBS-related cases by a total of $850 million. This charge will be reflected in the company's fourth quarter results. As a consequence of this increase, together with the expected impairment charge in respect of the non-controlling interest in York Capital Management, the company projects a net loss in fourth quarter.

The company noted that its trading performance in the final month of 2020 continued at similar levels to those summarized at Investor Update on December 15, 2020.

The Board has decided that the Annual General Meeting of Credit Suisse Group AG on April 30, 2021, will be held without the physical attendance of shareholders.