Mr Gottstein said this created a challenge on how to balance rewarding staff who had exceeded targets at a time when the global economy has been hit hard and millions have lost their jobs. Its investment bank also performed well this year, thanks to a surge in trading. “2021 is the new era for Credit Suisse where we want to go into offence and we want to grow.”ĭespite the damaging headlines, Credit Suisse played a key role in helping the Swiss government support small and medium-sized businesses through the pandemic. “My clear intention is to work through these legacy cases,” said Mr Gottstein.

The bank later revealed it faced up to $680 million of losses from a US civil suit relating to residential mortgage-backed securities issued in 2007. Last month, Credit Suisse said it expected to take a $450 million hit on its stake in York Capital Management after the US alternative asset manager said it would wind down its European hedge fund operations. Credit Suisse said it would “defend itself vigorously” against the charges. Investigators said the bank processed more than CHF140 million ($158 million) of transactions between 20 for a clan of Bulgarian mafiosi engaged in cocaine smuggling and other illegal activity.

We will always have issues, but it’s certainly my goal to start 2021 with as clean a slate as possible,” said Mr Gottstein, who talked to the Financial Times before Switzerland’s federal prosecutor announced on Thursday that it had filed criminal charges against the bank for allegedly facilitating money laundering. “There will never be a totally clean slate.

Clean slate credit