Credit Suisse on Thursday reported a pre-tax loss of more than 1.3 billion Swiss francs (about US$1.4 billion) in the fourth quarter of last year, as its new managers vie to right the top-drawer Swiss bank that has faced a string of setbacks in recent years.
The bank also announced the $175 million purchase of the investment banking business of U.S.-based M. Klein & Co. and plans to roll those operations into the revived CS First Boston investment bank.
The Zurich-based company, Switzerland's No. 2 bank after UBS, said net revenue sank 20% compared with a year ago, coming in at 3 billion francs for the fourth quarter. The pre-tax loss was nearly 1.32 billion francs, compared with 1.67 billion in the same period a year earlier.
Credit Suisse saw its investment bank business shrink and its Swiss bank and wealth management operations increase as a share of revenue. The company says it expects losses in both the investment bank and wealth management units for the first quarter of this year, partly due to a drop in assets under management and lower deposits since announcing a broad restructuring in October.
The bank's performance last year overall "was mainly driven by significantly lower" investment banking revenue, pointing to an "industry-wide slowdown in capital markets" with major indices all falling in 2022, it said in a statement.
In October, Credit Suisse unveiled a "radical strategy" to revamp itself through measures including cost cuts, staff reductions, steps to lower risk and a cash infusion through a share purchase from the Saudi National Bank.
Credit Suisse has run into multiple troubles in recent years, including bad bets on hedge funds and a spying scandal involving UBS. A Swiss court fined the bank more than $2 million in September for failing to prevent money laundering linked to a Bulgarian criminal gang more than 15 years ago.
For the year, revenue plunged 34% to 14.92 billion francs, and the pre-tax loss came in at 3.26 billion francs, compared with a pre-tax loss of 600 million francs in 2021.
China deployed an aircraft carrier, other ships and warplanes in large-scale military exercises surrounding Taiwan and its outlying islands Monday, simulating the sealing off of key ports in a move that underscores the tense situation in the Taiwan Strait.
Three in four Canadians support defence spending on new submarines, according to a new survey from Nanos Research and Â鶹ӰÊÓ.
New data from the Angus Reid Institute shows that only one in five childless adults 50 or younger are confident they will have children.
Canadian stand-up comedian and former talk show host Mike Bullard has died.
The Ontario Provincial Police says the number of fatal collisions caused by distracted driving on the roads it patrols has increased more 40 percent compared to this time last year.
The free trade agreement with ASEAN is expected to be signed at the end of 2025. If Trudeau is pressured to step down, or if his government falls and loses the next election, Trudeau will not, as prime minister, be there to see the fruits of his labour.
The study, which uses a mathematical model, indicates that men and women may benefit from different breakfast choices to optimize metabolism and potentially aid weight management.
Your home – considered to be one of the safest havens from all the external stresses – is filthy.
Police have arrested and charged a 52-year-old man who wanted after failing to notify authorities about a dead person inside an apartment in Toronto’s Riverside neighbourhood.
New data from the Angus Reid Institute shows that only one in five childless adults 50 or younger are confident they will have children.
The Ontario Provincial Police says the number of fatal collisions caused by distracted driving on the roads it patrols has increased more 40 percent compared to this time last year.
Police have arrested and charged a 52-year-old man who wanted after failing to notify authorities about a dead person inside an apartment in Toronto’s Riverside neighbourhood.
A man died of his injuries after an altercation that escalated on a platform at Guy-Concordia station on Saturday night.
The woman was taken to hospital and is said to be in stable condition, paramedics say.
Prime Minister Justin Trudeau announced the appointment of Mike Savage as Nova Scotia’s new lieutenant-governor Sunday.
China deployed an aircraft carrier, other ships and warplanes in large-scale military exercises surrounding Taiwan and its outlying islands Monday, simulating the sealing off of key ports in a move that underscores the tense situation in the Taiwan Strait.
Ukrainian journalist Victoria Roshchyna, who went missing in an occupied part of her country, died in Russian detention last month, Ukrainian authorities said earlier this week.
A Nevada man with a shotgun, loaded handgun, ammunition and several fake passports in his vehicle was arrested at a security checkpoint outside Donald Trump's rally Saturday night in the Southern California desert, authorities said.
A Hezbollah drone attack on an army base in central Israel killed four soldiers and severely wounded seven others Sunday, the military said, in the deadliest strike by the militant group since Israel launched its ground invasion of Lebanon nearly two weeks ago.
The United States will send a Terminal High Altitude Area Defense battery to Israel, along with the troops needed to operate it, the Pentagon said Sunday, even as Iran warned Washington to keep American military forces out of Israel.
A drone show and a flawless mass ascension ended Sunday's last day of the 52nd Albuquerque International Balloon Fiesta. But it wasn't all smooth sailing for this year's hot air balloon event.
Three in four Canadians support defence spending on new submarines, according to a new survey from Nanos Research and Â鶹ӰÊÓ.
The free trade agreement with ASEAN is expected to be signed at the end of 2025. If Trudeau is pressured to step down, or if his government falls and loses the next election, Trudeau will not, as prime minister, be there to see the fruits of his labour.
The Liberal Party has named Andrew Bevan as its new national campaign director for the next federal election. The announcement comes as party continues to face lagging polls and as party leader Justin Trudeau is facing new pressure to step aside.
The study, which uses a mathematical model, indicates that men and women may benefit from different breakfast choices to optimize metabolism and potentially aid weight management.
Your home – considered to be one of the safest havens from all the external stresses – is filthy.
The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.
Is geoengineering the environment ready for its closeup?
SpaceX pulled off the boldest test flight yet of its enormous Starship rocket on Sunday, catching the returning booster back at the launch pad with mechanical arms.
As artificial intelligence continues to develop in seemingly all facets of life — including health care — experts say it's important for patients to know AI may be used in their care.
Canadian stand-up comedian and former talk show host Mike Bullard has died.
Unreleased Jimi Hendrix songs are among an array of memorabilia belonging to the late musician that is set to go up for auction next month.
The historic Jersey Shore amusement park has closed amid financial woes made worse by COVID-19 and Superstorm Sandy.
A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week.
Economists expect inflation continued its downward trend last month, giving the Bank of Canada the all-clear to continue cutting its benchmark interest rate.
Several hundred "underperforming" 7-Eleven locations across North America are closing, the convenience store announced.
The Government of Canada honoured Floyd H. Prosser through Parks Canada’s Hometown Heroes program during a ceremony in Halifax, N.S., Saturday.
It’s almost impossible to know what to say to someone in the throes of grief. We all want to say something comforting. Very few of us know what that is.
The Orient Express' opulent passenger experience was later immortalized in popular culture by authors like Graham Greene and Agatha Christie. But dining on the move was very much a triumph of logistics and engineering.
It was a record breaking year at the Harvest Valley Marathon in Wolfville, N.S., on Saturday and Sunday.
Over his quarter century in the National Hockey League, Mark Messier witnessed sweeping technological changes to the game, from the advent of lighter hockey sticks to the use of video reviews.
Some prominent figures will be added to the Naismith Memorial Basketball Hall of Fame's James F. Goldstein SuperFan Gallery on Sunday, a few hours before this year’s class is enshrined in Springfield, Mass.
Tesla CEO Elon Musk unveiled on Thursday his vision of a 'a fun, exciting future,' an 'age of abundance' full of his company’s self-driving cars without steering wheels, parking lots turned into parks and robots that will walk among the population – that he once again promised would be available within a few years.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
Canadian hip hop artist Dillan King says running 100 marathons in 100 days was not only the hardest thing he has ever done, but the 'proudest accomplishment' of his entire life.
Sometimes love is written in the stars, but for one couple, it’s written in the aurora borealis.
James Taylor never expected to be walking home with a bag full of groceries he didn't buy.
This weekend marks the fifth anniversary of a large blizzard that paralyzed Manitoba.
There was an eye-catching mix of rainbows and lightning over Vancouver following a brief downpour this week.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
Saskatchewan’s Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A B.C. couple is getting desperate – and creative – in their search for their missing dog.
British Columbia's police watchdog group has found an RCMP officer to be justified in the shooting and killing of a man in a Hope hospital last year.
Just a couple of weeks after a new southern resident killer whale calf was first seen, its health appears to have taken a bad turn.
A man was taken to hospital after a home invasion in Burnaby early Sunday morning, according to local Mounties.
The Ontario Provincial Police says the number of fatal collisions caused by distracted driving on the roads it patrols has increased more 40 percent compared to this time last year.
Canadian stand-up comedian and former talk show host Mike Bullard has died.
Canadian hip hop artist Dillan King says running 100 marathons in 100 days was not only the hardest thing he has ever done, but the 'proudest accomplishment' of his entire life.
A motorcyclist is in hospital with life-threatening injuries after a collision with a vehicle at MacLeod Trail and 39 Avenue.
Having never watched a live hockey game growing up Tatiana Straathof, is now working hundreds of goalies, helping them develop their focus in net.
Calgary fire and police are on scene of a watermain break along Bowness Road N.W. which has forced the closure of that stretch of road between 49 and 51 Streets.
CTVNewsOttawa.ca looks at what's open and closed in Ottawa over the Thanksgiving weekend.
The woman was taken to hospital and is said to be in stable condition, paramedics say.
Ottawa Fire Services says it responded to 12 residential and commercial fires, including five in a span of 24 hours this weekend.
A man died of his injuries after an altercation that escalated on a platform at Guy-Concordia station on Saturday night.
Almost half-a-million Quebecers could be eligible for a credit after a class action lawsuit settlement was approved by a Quebec judge over car dealerships that charged hidden fees.
Watch Â鶹ӰÊÓ Montreal at six o'clock for Sunday, October 13, 2024 with anchor Kelly Greig.
Police are looking for witnesses to a single-car crash that closed Yellowhead Trail in both directions on Saturday night.
Your home – considered to be one of the safest havens from all the external stresses – is filthy.
A girl is dead after the canoe she was in capsized near Moonlight Bay on Wabamun Lake Sunday afternoon.
Prime Minister Justin Trudeau announced the appointment of Mike Savage as Nova Scotia’s new lieutenant-governor Sunday.
It was a record breaking year at the Harvest Valley Marathon in Wolfville, N.S., on Saturday and Sunday.
The Moncton Fire Department responded to a fire at a group home in Moncton, N.B., Sunday morning.
Sometimes love is written in the stars, but for one couple, it’s written in the aurora borealis.
Canadian stand-up comedian and former talk show host Mike Bullard has died.
A pack of dogs put their best paws forward when they were finally unleashed from a lifetime of animal testing.
Residents travelling in Regina's north end were sure to witness a large pillar of smoke Sunday morning, as fire crews battled a serious blaze on Angus Street.
Even a power outage didn't stop the Regina Thunder from trouncing the Calgary Colts 64-7 to move on to the Prairie Football Conference (PFC) Final.
Just under one million ballots are being printed for the upcoming provincial election in Saskatchewan, and 27 out of the 61 constituencies currently have their ballots being pulled hot off the presses in Regina.
According to police, when officers arrived they found the house fully engulfed in flames and were unable to make entry.
Â鶹ӰÊÓ will be livestreaming the Oktoberfest Thanksgiving Day parade.
The study, which uses a mathematical model, indicates that men and women may benefit from different breakfast choices to optimize metabolism and potentially aid weight management.
Just under one million ballots are being printed for the upcoming provincial election in Saskatchewan, and 27 out of the 61 constituencies currently have their ballots being pulled hot off the presses in Regina.
The Saskatchewan Roughriders will host a playoff game for the first time since 2021 after defeating the B.C. Lions Saturday night at Mosaic Stadium.
The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.
A northern Ontario driver faces multiple charges following a traffic stop on Highway 17 East.
Canadian stand-up comedian and former talk show host Mike Bullard has died.
The free trade agreement with ASEAN is expected to be signed at the end of 2025. If Trudeau is pressured to step down, or if his government falls and loses the next election, Trudeau will not, as prime minister, be there to see the fruits of his labour.
The London Police Service (LPS) has arrested three people in the early morning of Saturday following a shooting investigation.
With one day to go in the London Food Bank’s (LFB) Thanksgiving Food Drive, officials are not only thrilled, but surprised by the community response.
One person has died after a two-vehicle collision in the Municipality of Dutton-Dunwich on Saturday afternoon.
Provincial police remind motorists about the importance of buckling up after an officer discovered a passenger sitting on a kitchen chair inside the vehicle during a traffic stop in the Town of the Blue Mountains.
A plaque was unveiled at Veterans' Memorial Park Sunday morning to honour the friend of a cadet who died in a historic Orillia tragedy.
OPP continue to investigate a multi-vehicle crash that occurred midday Saturday in the City of Kawartha Lakes, resulting in five needing treatment for various injuries.
A member of the Ontario Colleges Athletic Association Hall of Fame and former Windsor firefighter who stayed active in the community despite being paralyzed in a fire truck rollover nearly two decades ago has died.
Windsor Mosque opened its doors to the public this weekend in an ongoing effort to foster understanding and correct misconceptions about Islam within the community.
The Windsor police has put out an appeal to the public, asking for help identifying a sexual assault suspect.
Just a couple of weeks after a new southern resident killer whale calf was first seen, its health appears to have taken a bad turn.
Vicki Huntington says two things are critical to be elected as an Independent member of the legislature in British Columbia — trusted name recognition and an angry constituency.
B.C.’s northern coast has been getting soaked by an atmospheric river over the Thanksgiving long weekend, with officials warning of heavy downpours and possible flooding.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The Vancouver Giants scored late to force overtime before winning 4-3 over the Lethbridge Hurricanes Friday night.
If you’re looking for something to do this long weekend, the Lethbridge Corn Maze is open and hosting its annual fundraiser on Monday.
Local photographers were amazed by the aurora borealis display in the night sky over Lethbridge on Thursday night.
Provincial police in Hearst, Ont., stopped an unlicensed northwestern Ontario driver for a morning traffic infraction.
A 32-year-old woman has been charged in connection with the death of an 18-year-old man this past January, according to Ontario Provincial Police.
Two people are facing multiple charges after a dead person was brought to North Shore Health Network in Blind River this summer.
A five-hour drive from St. John's, N.L., and well off the beaten path, Point Leamington seems an unlikely spot for a one-of-a-kind tourist attraction.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
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