The bank cited the “adverse impact” of a “challenging macro and geopolitical environment with market uncertainty and client risk aversion.”
Affluent clients withdrew some CHF123.2 billion of assets from the bank over the course of 2022, pushing the total amounts of assets under management to CHF1.294 trillion – a drop of almost 20%.
Assets managed by the bank’s wealth management business declined 27% from CHF743 billion at the end of 2021 to CHF540 billion last year.
The performance of Credit Suisse’s wealth management business is seen as a key indicator of the bank’s overall health.
Credit Suisse warned that restructuring costs will likely lead to further losses in 2023.
Switzerland’s second largest bank announced a major restructuring drive last October, slashing 9,000 jobs and some of its riskier trading units.
Executives promised to turn around the bank’s fortunes with a renewed focus on its wealth management and domestic facing businesses.
At the same time, Credit Suisse tapped into the financial markets to raise CHF4 billion in fresh capital, mainly from the Middle East.
This follows several years of scandals that have seen significant trading losses, damaging legal cases, a huge leak of client data and several top managers step down.
The most damaging setbacks for its business performance were the billions lost from links to the collapsed Greensill Capital and Archegos Capital Management financial schemes.
This has led to an ongoing overhaul of the bank’s risk culture, which was blamed for ignoring warning signs.
Swiss defence minister launches probe into alleged spy links with Russia
This content was published on
Swiss Defence Minister Martin Pfister has launched an investigation into the alleged disclosure of sensitive information by the cyber division of the Federal Intelligence Service to Russia.
PFAS-contaminated meat still sold in eastern Switzerland
This content was published on
Meat containing excessive levels of toxic PFAS "forever chemicals" produced by farms in canton St Gallen is still being sold.
Violations in Gaza by ‘both sides’ must be condemned, says Swiss minister
This content was published on
Swiss Foreign Minister Ignazio Cassis has admitted that Israel is failing in its obligations by hindering humanitarian aid to Gaza.
This content was published on
Small and medium-sized businesses (SMEs) in Switzerland are extremely pessimistic about ongoing geopolitical tensions and US President Donald Trump's tariff policy, according to a survey.
Swiss minister highlights Blatten ‘miracle’ at disaster reduction meeting
This content was published on
The fact that only one person is missing after the huge glacier collapse that engulfed the Swiss mountain village of Blatten last week is "almost a miracle", according to Foreign Minister Ignazio Cassis.
This content was published on
The cantonal parliament of Vaud has approved a loan of CHF9.5 million ($11.5 million) for Château de Chillon, the most-visited monument in Switzerland.
Swiss party president Thierry Burkart to step down in October
This content was published on
Thierry Burkart, president of the centre-right Radical-Liberal Party, wants to hand over the presidency in October, around two years before the next national elections.
Climate Alliance presents action plan on 20th anniversary
This content was published on
The Swiss Climate Alliance has presented an action plan showing how Switzerland could make a success of the energy transition and achieve a net zero balance within ten years.
Swiss business group expects export slump after strong start to year
This content was published on
The Swiss economy was still robust in the first quarter of 2025 but is coming under increasing pressure, says the Swiss business federation, economiesuisse.
Credit Suisse turns to petrodollars to fund turnaround
This content was published on
Credit Suisse has returned to the Middle East to shore up its finances amid mounting losses and a deteriorating balance sheet.
This content was published on
Credit Suisse is “definitely stable”, according to Chairman Axel Lehmann. He said the bank had seen a stabilisation in client outflows.
Credit Suisse says only a few customers are closing accounts
This content was published on
The head of Credit Suisse’s Swiss division says that only a few clients are actually closing accounts at the troubled bank.
Swiss finance minister backs Credit Suisse to recover
This content was published on
Swiss Finance Minister Ueli Maurer believes troubled Credit Suisse bank can battle back from a string of scandals and trading losses.
Media report: Credit Suisse Greensill loan relied on questionable collateral
This content was published on
The Financial Times writes that Credit Suisse accepted “suspicious invoices” as collateral for a $140 million loan to Greensill Capital in 2020.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.