Credit Suisse Seeks to Move Past 2020 With January Rebound
- Loan loss provisions, key businesses did better than forecast
- Fourth-quarter loss caused by legal charges and impairment
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Credit Suisse Group AG signaled a strong start to the year as clients trade and invest more, providing relief to Chief Executive Officer Thomas Gottstein after a first year marred by a series of legacy issues.
Switzerland’s No. 2 bank on Thursday posted its first quarterly loss in three years in an uneven quarter that saw it write down a hedge fund investment and set aside money for U.S. litigation. While its traders trailed Wall Street peers for a second straight quarter, equity-underwriting fees more than tripled and loan-loss provisions were less than forecast, helping to limit the damage.