UBS-Owned Credit Suisse Piles Up Loss of Over $4B In Q2: Report

Swiss investment bank Credit Suisse, currently a subsidiary of UBS, Inc. (NYSE:UBS), reportedly posted a loss of $4 billion for the second quarter, in line with the forecast issued in April.

Credit Suisse second-quarter loss amounted to 3.5 billion Swiss francs, Reuters reported, citing German media outlet Sonntagszeitung.

Credit Suisse had previously forecast a significant pre-tax loss for the second quarter and for all of 2023, given its move to exit from non-core businesses as well as restructuring and financing costs.

More details could emerge when UBS releases its quarterly report on Aug. 31.

UBS previously announced a Swiss-government-brokered deal to take over struggling Credit Suisse for 3 billion Swiss francs ($3.25 billion). Credit Suisse suffered due to rapid client withdrawal of funds and a spike in its credit default swaps following troubles in its investing banking business.

UBS’ New York-listed shares closed Friday’s session at $24.58, down 0.28%, according to Benzinga Pro data.

See Also: UBS CEO Says Credit Suisse Already Had Problems in 2015: “Something Wasn’t Going Well”

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