Credit Suisse Expects Loss In Q1 As Litigation Provisions, Russia-Ukraine Crisis Weigh

• Credit Suisse Group AG (NYSE:CS) said it is expecting a loss for the first quarter of fiscal 2022.
• The company listed an increase in legal provisions and slow business activity due to Russia's invasion of Ukraine as the reasons for seeing a loss in the quarter.
• The Swiss bank estimated total litigation provisions increasing 600 million Swiss francs, resulting in total litigation provisions for the quarter to be about 700 million Swiss francs.
• The Russia-Ukraine crisis will cost the bank 200 million Swiss francs in negative revenues and provisions for credit losses.
• "What surprises us is that in mid-March, at an investor conference, CEO Thomas Gottstein was still talking about a solid business performance in the first two months," Reuters quoted Luzerner Kantonalbank's research note.
• Price Action: CS shares traded lower by 2.20% at $7.55 in pre-market on the last check Wednesday.