Credit Suisse expects higher costs from U.S. case to push it to fourth quarter loss

Credit Suisse expects higher costs from U.S. case to push it to fourth quarter loss

2/2 © Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Bern © Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Bern 2/2

ZURICH (Reuters) – Credit Suisse (SIX:CSGN) on Friday said it expects to book a net loss for its fourth quarter after increasing its provisions for a long-running dispute in the United States by $850 million.

The bank had already set aside $300 million in connection with the case which relates to a decade-long dispute regarding a U.S. residential mortgage-backed security (RMBS), but said in December it expected the figure to rise.

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