Credit Suisse slumps on sixth profit warning in seven quarters

The loss adds to pressure on Chief Executive Officer Thomas Gottstein, whose two years in charge have seen a $5.5bn hit from Archegos and numerous setbacks that eroded investor confidence

Shares of the troubled Swiss lender fell as much as 6.3% in Zurich trading after saying it will probably post a loss for the second quarter.

Credit Suisse Group AG issued its sixth profit warning in seven quarters as clients cutting back on risk and challenging markets are expected to push the investment bank into the red.

Shares of the troubled Swiss lender fell as much as 6.3% in Zurich trading after saying it will probably post a loss for the second quarter, both on the group level and in the securities unit. Market conditions have remained challenging after the invasion of Ukraine and monetary tightening across the world, leading to weak customer flows and ongoing client deleveraging, the bank said in a statement on Wednesday.