Swiss bank Credit Suisse reported a full year loss of SFr7.3bln (£5.6bln), the biggest since 2008, as scandals and social media storms continued to dog the Zurich-based firm.
The investment bank posted a £1.3bln net loss in the final quarter of 2022 with deposit outflows reaching £99.3bln.
Credit Suisse’s wealth management unit is expected to continue losing cash well into the first quarter of 2023, the bank said in its latest trading update.
Looking forward, the bank plans to centre in on its wealth management arm, exit and simplify its non-core businesses and deleverage and de-risk investments.
Credit Suisse has been in crisis mode since a scandal in 2019 when it was revealed some executives has been followed and spied on.
In 2021, the bank racked up huge losses on loans to failed stock lender Greensill, which were followed by the collapse of hedge fund client Archegos after US$20bln in write-offs
A cocaine money laundering scandal last year meanwhile saw it found guilty of qualified money laundering - the first time a Swiss bank had been prosecuted for a criminal act.
By October, the bank’s five-year credit default swaps price, an indicator of financial risk, had risen by 2.38% to 2.93%, the highest price ever even though Ulrich Korner, chief executive, reiterated it had a “strong capital base and liquidity position.”
Shares plummeted on the back of social media speculation it would need huge injections of capital to keep going.
Since then, it has raised US$4.25bln in total through a US$1.63bln investment by Saudi National Bank and share rights issue raise of US$2.4bln.
The bank’s share price ,which is listed in New York, reached as low as US$3 in December before clambering back to the current price of US$3.60.