The Credit Suisse stock jumped by over 40% in Thursday’s opening trade as the %54 billion credit line extended by the Swiss National Bank comes as a major relief.
The company’s third-quarter revenue came in at 3.804 billion Swiss francs, down from 5.437 billion Swiss francs for the same period last year.
Amidst the plunging share price levels and growing Credit Default Swap (CDS), the firm is still maintaining the outlook that it got its business covered.
Credit Suisse officials are notably exploring all means to get back on good terms with rating agencies, analysts, investors, and their broader stakeholders.
Credit Suisse unveiled through the earnings report that there will be a significant change in its management moving forward.
Credit Suisse has issued a statement in response to the allegations from the leaked client data. The banking company said it “strongly rejects” the accusation.
Credit Suisse noted that the hit will be partly offset by gains on real estate sales of approximately CHF 225 million.
Credit Suisse on Thursday confirmed the loss of $275 million in Q1 of 2021. The bank further warned it expects losses to spill into Q2 following the Archegos hedge fund saga. However, it has since exited 97% of its trading positions in the hedge fund.
Credit Suisse (CSGN) stock price is down. Meanwhile, the bank has released its first earnings report after the spying scandal and the resignation of its former CEO.
Credit Suisse has ended 2019 with figures in earnings that seems to leave all of its woes in the past, with optimism for 2020. CSGN stock is up though the CEO is leaving the company.