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Credit Suisse reveals $284m loss as investment bank tumbles
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Credit Suisse unveiled a loss of CHF273m ($284m) in the first quarter as it battled litigation costs and a slump in investment banking revenue, which tumbled by 50%.
The Swiss bank’s loss was worse than the CHF114.9m expected by analysts and comes as its booked CHF703m in legal costs and CHF206m related to its Russia exposure. Overall revenues at the bank of CHF4.4bn were down by 42% as its investment bank and wealth management units both declined.
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