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A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, November 1, 2021.

Thi Mai Lien Nguyen | Bloomberg | Getty Images

credit Suisse The U.S. said on Wednesday that losses in the second quarter were likely due to the war in Ukraine and a tightening of monetary policy.

In a trading update on Wednesday morning, the beleaguered lender said that due to the geopolitical situation, significant monetary tightening from major central banks in response to rising inflation, and ignoring the stimulus measures of the Covid-19 era, “market volatility, vulnerable customers”. The flow continued. and ongoing client delivering, particularly in the APAC region.”

Credit Suisse said that despite trading revenues benefiting from the spike in volatility, the impact of these conditions, combined with “continued low levels of capital market issuance” and broader credit spreads, affected the investment bank’s “financial performance in April”. disappointed”. May.

“This is likely to hurt this division as well as the group in Q2 of 2022,” the trading update said.

Credit Suisse has faced several scandals and mishaps in recent years, leading some shareholders to call for a change of leadership. President Axel Lehmann told CNBC in MayHowever, CEO Thomas Gottstein has his full support to continue the “rebuilding” of the company.

Gottstein took the reins in 2020 after following Former Tidjen Thiam resigns On a lengthy detective scandal.

The bank reported a net loss for the first quarter of 2022 and announced a reshuffle of management as it grapples with related litigation costs. arcgos hedge fund collapse,

“We will note that our reported earnings will also be affected by continued volatility in the market value of our 8.6% investment Allfunds GroupBank added.

Spanish wealthtech platform Allfunds Group, which was launched at Euronext Amsterdam in April 2021, has seen its share price fall 52% year-on-year.

Credit Suisse said 2022 will be a year of “transition” for the bank, which vows to accelerate cost-cutting across the group, and will provide further details in its investor “Deep Dive” on June 28.

The bank aims to have a group common equity tier one capital ratio, a measure of bank solvency, at 13.5% in the near term, in line with its target of 14% by 2024.

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