Credit Suisse Group AG reported a net loss of $284 million in the first quarter driven by legal expenses as well as a charge related to Russian exposure.
According to FinancialPlanning.com, Credit Suisse also experienced the departure of three senior executives and warned that "The full damage from one of the most turbulent periods in its history is yet to be accounted for." The bank further warned that it expects "continued significant remediation spend in risk, compliance, and infrastructure." The losses signal that the bank's goal of making 2022 a period of transition to stability is at risk.
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