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Source: Epictetus
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The $4.7-billion charge was more than double what Ryan previously anticipated, the analyst said Tuesday.
Investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner have already resigned, and Ryan said a loss of this size will likely result in a complete corporate restructuring at Credit Suisse.
“After a loss of this magnitude on an exposure where we believe risk appetite was likely in the range of CHF0.1bn, we expect new management at the investment bank and in risk to review many aspects of the investment bank client franchise and risk appetite,” he said.
Credit Suisse said Tuesday that the company is now anticipating a first-quarter pre-tax loss of around $960.4 million.
Investing in Digital Currencies Affects Stocks, Central Banks and Nations
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Investing in digital currencies could lead to big changes for many stocks, financial institutions, central banks and countries.
Interest in investing in digital currencies is growing well beyond Bitcoin and other cryptocurrencies. So far, Europe and China seem to be global frontrunners in exploring the launch of Central Bank Digital Currencies (CBDCs).
While electronic payments typically use commercial banks, adoption of CBDCs could trim the role of traditional financial institutions. CBDCs may become an anti-cryptocurrency alternative as central banks seek to ensure payments go through a regulated, transparent, cheap, convenient and easy-to-use process.