It said the investment bank had been affected by a slowdown in transaction-based revenue.
It said its core wealth management businesses would also be hit by a slowdown in transactions, resulting in “modestly negative” net new assets for those businesses. Credit Suisse pointed to a slowdown in Asia and a reversion to more normal trading conditions after the bumper activity that prevailed for much of 2020 and 2021.
Investors and analysts are waiting to see how the bank’s troubles, including two major scandals in March 2021, will impact Credit Suisse’s client relationships.
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