Credit Suisse 1Q loss includes $214M hit linked to Russia

GENEVA (AP) — Credit Suisse is reporting a pretax loss of 428 million Swiss francs ($443 million) and a plunge in revenues in the first quarter. It was marked in part by a loss of 206 million Swiss francs linked to Russia’s invasion of Ukraine. Credit Suisse on Wednesday also reported net revenues of 4.4 billion francs in the first quarter. That’s a drop of 42% from a year earlier in the period. CEO Thomas Gottstein cited “volatile market conditions and client risk aversion” so far in 2022 which he called a “transition year” for the bank.