Credit Suisse Won’t Be Profitable Before 2025, Moody’s Says
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Credit Suisse Group AG investors should brace for billions of dollars in losses before the troubled Swiss lender’s sweeping restructuring plan eventually leads to modest profitability in 2025 -- and that’s only if it can overcome steep risks, according to Moody’s Corp.
The ratings agency said that the Swiss bank’s plan entails elevated restructuring and remediation costs, as well as reduced revenue streams, leading to large losses in 2022 and more in 2023, according to a statement on Friday.