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Credit Suisse overhauls APAC leadership as legal woes sink 1Q22 earnings

Credit Suisse Group HQ, Zurich

Credit Suisse said on Wednesday that it would replace its Asia-Pacific CEO, as the Swiss bank announced that its 1Q22 WM losses were worse than expected amid a volatile market, client risk aversion and higher legal costs. The WM business booked a pre-tax loss of CHF 357 million, weaker than the estimated CHF 22.7 million, while trading revenue suffered a…

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