2023-09-29 06:10:03
Zurich (awp) – The liquidation of certain Credit Suisse assets will continue to weigh on the profitability of the former Swiss number two, bought by UBS. The reallocation of credit portfolios included in the bad bank (Non Core and Legacy, NCL) will thus cause a loss of 1.6 billion Swiss francs in the 3rd quarter, according to the half-yearly report published on Friday.
The bank’s management recently took the decision to sell the aforementioned portfolios, which results in a reclassification of them to “held for sale” versus “held at amortized cost” until now. The loss of 1.6 billion is linked to this change.
In addition, Credit Suisse will terminate certain management agreements, which might cost up to 600 million Swiss francs, the report specifies.
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