Credit Suisse is due to report its quarterly performance on 22nd July. The Swiss Bank is expected to poise its biggest loss since 2008, mostly due to the impact of the $2.6bn fine it was given in the resolution of the tax dispute.
Uncertainty surrounding the outcome of the litigation and the bank’s guilty plea slowed the flow of new money into the wealth management unit, which in 2013 generated a third of the Bank’s revenue.
On the other hand UBS who sorted out it US tax issues many years ago by paying $780m, is expected to report a profit.
The subject is widely reported in the press in the last days and all expectation are on a loss, see for example: