In Asia, clients took risk off the table amid a market rout, it said.Ĭlients pulled assets as a result, though these were more than offset by inflows in its asset management business, Credit Suisse said, without specifying. The combined wealth activities are now run by Francesco De Ferrari, one of three new top executives who joined this month. Apr.06 - Credit Suisse Group AG said it will take a 4.4 billion franc (4.7 billion) writedown tied to the implosion of Archegos Capital Management. Morgan, which benefited from healthy dealmaking and trading activities in the same period.Ĭredit Suisse's private bank has seen a «significant» slowdown in transactions – which feeds income – in two of the three units which were merged this month. The bank disclosed in February 2016, that it had taken a 633 million write-down because of losses in these positions. The fourth-quarter loss from Credit Suisse's investment bank stands in contrast with U.S. Expanding its investments in fixed-income markets, Credit Suisse took on 1.3 billion in collateralized loan obligations and 3 billion in distressed debt, investors said. investment bank, for $11.5 billion in 2000. Credit Suisse said its investment bank is loss-making in the quarter, even before deciding to write down 1.6 billion francs from Donaldson, Lufkin & Jenrette. Here are analysts Brandon Heiken, Patrick Jobin. Signs are mounting that an annus horribilis – Greensill, Archegos, Mozambique, C-suite drama – may be taking a toll on its business. The Chinese solar firm wrote down 203 million on the closure of a polysilicon factory, a move that Credit Suisse says removes ReneSola's upside. This is partly offset by 225 million francs from selling real estate. The crisis-roiled bank said the charge is for provisions is a number of legal cases where it «has more proactively pursued settlements and primarily relate to legacy litigation matters from our investment banking business,» without elaborating. The additional charges are likely to push Credit Suisse, which had already warned of a fourth-quarter loss, further into the red. Zurich-based Credit Suisse is adding 500 million Swiss francs ($547 million) to its legal bills in the fourth quarter, it said in a statement on Tuesday. The Swiss bank's quarterly loss will be deeper than expected, amid a slowdown with wealthy clients, more hefty legal charges, and goodwill dating back two decades. Credit Suisse (CSGN.S) will take another around 100 million (68.87 million pounds) writedown as part of the sale of assets in its distressed credit portfolio to U.S.