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Credit Suisse expects higher costs from US case to push it to Q4 loss

Credit Suisse expects higher costs from US case to push it to Q4 loss

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann

ZURICH: Credit Suisse on Friday said it expects to book a net loss for its fourth quarter after increasing its provisions for a long-running dispute in the United States by US$850 million.

The bank had already set aside US$300 million in connection with the case which relates to a decade-long dispute regarding a U.S. residential mortgage-backed security (RMBS), but said in December it expected the figure to rise.

(Reporting by John Revill; Editing by Christopher Cushing)

Source: Reuters

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