Due to scandals and significant losses that resulted in unheard-of customer withdrawals, Credit Suisse Group on Thursday reported its worst annual loss since the global financial crisis of 2008.

The second-largest bank in Switzerland reported a net loss of 1.39 billion Swiss francs ($1.51 billion) for the fourth quarter, which was in line with the lender’s estimate of 1.34 billion francs based on an analyst consensus estimate.

The bank had warned of a sizable quarterly loss in November.

The outcome compares to a loss of 2 billion Swiss francs in the same quarter a year prior, bringing Credit Suisse’s total net loss for 2022 to 7.29 billion francs, marking its second consecutive year of losses.

According to the bank, net asset outflows for the final three months of the year totaled 110.5 billion Swiss francs.

Last year’s fund hemorrhaging caused it to fail to meet some liquidity requirements.

While Koerner stated last month that Credit Suisse was “seeing money now coming back in different parts of the firm,” the bank completed a 4 billion Swiss franc fundraising in December and claimed that liquidity levels had been increased.

Credit Suisse has been particularly hard hit by a number of scandals in recent years, including its $5.5 billion loss on American investment firm Archegos and the freezing of $10 billion in supply chain finance funds connected to bankrupt British financier Greensill.

(Adapted from StraitsTimes.com)