Credit Suisse Q4 outlook worsens with $1.6bn losses projected

‘Strategic actions’ reflected near term

Credit Suisse has updated its Q4 2022 outlook with further expected losses of pre-tax of CHF1.5bn ($1.6bn).

In a note published today (23 November) the bank said its outlook has been dampened by a "substantial industry-wide slowdown" in capital markets, which had contributed to net asset outflows of 6% in Q3. The bank also said its wealth management sector was now expected to post a loss after net interest income took a knock from lower deposits and fees. Stock Spotlight: Can Credit Suisse sail through scandal? It said the wealth management outflows have "reduced substantially" from the elevated levels of the first two weeks of October 2022, which had exceeded the rates incurred in Q3. B...