Tough time: A pedestrian walks past a Credit Suisse bank branch in Zurich. Credit Suisse has frozen its plan to buy back as much as 1.5 billion francs (US$1.53bil) of shares this year. — Bloomberg
NEW YORK: Credit Suisse Group AG is taking more than US$1bil in writedowns and provisions for bad loans after the coronavirus, joining US banks in taking an upfront hit as the outbreak pummels economic activity across the globe.
The bank held back 568 million Swiss francs (US$585mil) for credit losses, almost triple what analysts had expected, and said it may have to make further allowances in future quarters. While trading results and overall profit were resilient, the bank is also taking 444 million francs in writedowns.
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