(Bloomberg) -- Credit Suisse Group AG closed out a scandal-tainted year by warning of a deeper quarterly loss as charges mount and business slows at its two biggest units.Most Read from BloombergStocks Storm Back From 4% Rout to Close Higher: Markets WrapStocks Slide as Fed, Russia Keep Traders on Edge: Markets WrapNvidia Quietly Prepares to Abandon $40 Billion Arm BidBiden Has ‘Great Meeting’ With European Leaders: Ukraine UpdateThis Red-Hot Housing Market Is Betting Interest Rates Will Never R
ZURICH (Reuters) -Credit Suisse warned on Tuesday that it would post a fourth-quarter loss as the scandal-hit lender flagged fresh legal costs and said business in its trading and wealth management divisions had slowed. Switzerland's second-largest lender announced plans in November to rein in its investment bankers and plough money into looking after the fortunes of the world's rich as it tries to curb a freewheeling culture that has cost it billions. It said the investment bank would make a loss in the final quarter of the year, while the wealth management business had seen an overall drop in assets.
Credit Suisse has hired a senior Berenberg analyst to lead its healthcare investment banking franchise in EMEA in a bid to revamp the unit after a string of scandals at the lender and a leadership overhaul, according to a memo seen by Reuters. The Swiss lender has appointed Scott Bardo as its co-head of healthcare in EMEA to win a slice of the lucrative healthcare market which saw investment banks earning more than $13 billion in global fees in 2021, according to Refinitiv data. Credit Suisse, which faced the abrupt departure of chairman Antonio Horta-Osorio on Monday, has also reinforced its healthcare team in New York after veteran banker Leo Reif - responsible for global healthcare operations - defected to Jefferies last year.