ZURICH -Credit Suisse expects a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter as it keeps bleeding cash, the Swiss bank said on Wednesday, shortly before shareholders approved a $4 billion capital hike.
The bank said a “challenging” economic and market environment had hurt client activity, while cash outflows across the business had increased at the start of its fourth quarter.
The profit warning is the latest setback for the embattled lender which had previously forecast a net loss for the last three months of the year but did not give a figure.
The bank also gave a sobering assessment of the scale of its problems, which have been exacerba…
Keep on reading: Credit Suisse flags hefty loss as rich clients leave