Swiss based capital market company Credit Suisse Group (SWX: CSGN) posted its financial results for the fourth quarter in which the company registered a net loss of $392.79 (353 million Swiss franc) in the quarter.
The second largest Swiss lender also registered a 22% net profit decline in 2020, the company attributes this decline to a 757 million franc legal charges slapped on the company during the last three months of 2020.
“Despite a challenging environment for societies and economies in 2020, we saw a strong underlying performance across Wealth Management and Investment Banking, while addressing historic issues,” said the company’s CEO Thomas Gottstein.
The financial records were prepared before Credit Suisse settled a legacy residential mortgage-backed security case. The company settled the case at $80 million less than what it had initially stated.
The chief executive said going forward into 2021 they are looking to increase growth in Wealth Management and deliver sustainable returns in Investment Banking.