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Credit Suisse has warned it will probably report a loss in the second quarter as its investment banking division was hit by market volatility from the war in Ukraine, the tapering of coronavirus pandemic stimulus measures and monetary tightening in response to rising global inflation.
The Swiss bank said on Wednesday that while income from advisory services had benefited from market volatility in the three months to the end of June, it had suffered from “weak customer flows and ongoing client deleveraging, notably in the [Asia-Pacific] region”.
The group’s investment banking division also struggled in April and May because of low equity and debt issuance and widening credit spreads as countries around the world tightened monetary policy at different speeds.
Credit Suisse announced in April a sweeping overhaul of top executive roles after posting a loss in the first quarter of this year as the lender sought to move on from a succession of recent crises.
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