Credit Suisse to slide into red as it sets aside $850 mn for US litigation

Credit Suisse said it will sink to a fourth-quarter loss after setting aside hundreds of millions of dollars more than previously expected on Friday for a legal dispute over property debt in the United States.

Chief Executive Thomas Gottstein, who took the helm at Switzerland's second-biggest bank last February, said in December he wanted to start the new year with a "clean slate" on legacy matters and has set aside some $850 million to address disputes dating back to the financial crisis. The bank had already set aside.....

This article is no longer available in our repository.

There could be multiple reasons for this.