Credit Suisse Loss Eats Into Capital Buffers

Credit Suisse Group AG will replace several top executives, including its chief financial officer, and said tough business conditions that caused a loss last quarter will persist in the months ahead.

Credit Suisse had said 2022 would be a year of transition and warned investors last week that it would post a first-quarter loss because of rising legal costs. The bank posted a $284 million net loss for the first quarter, mainly because of $730 million in provisions for lawsuits