Credit Suisse Announces Capital Raise After Prime Brokerage Client Default Drives Q1 Loss
Credit Suisse Group AG (CSG or the Group) reported CHF 252 million of net attributable losses in Q1 2021, compared to a profit of CHF 1.3 billion in Q1 2020. Q1 results were negatively impacted by a CHF 4.4 billion write down from a single counterparty exposure in a US hedge fund in its brokerage business. On an adjusted basis, the Group would have reported CHF 3.6 billion of Profit Before Taxes (PBT) in Q1 2021, significantly higher than the CHF 0.9 billion in Q1 2020, largely supported by strong performance of Investment Bank revenues and some growth in Wealth Management related revenues.
Credit Suisse is a financial services provider based in Switzerland. Co. is active as an integrated bank. Co. operates through two global divisions, Private Banking and Corporate & Institutional Banking. Co. offers comprehensive advice and a broad range of financial solutions to private, corporate and institutional clients primarily domiciled in Switzerland. Co. maintains operations in three regionally focused divisions: Swiss Universal Bank, Asia Pacific and International Wealth Management serving Western Europe, Central and Eastern Europe, Latin America and Africa.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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