BREAKING
A Montreal man is charged with first-degree murder in connection to the stabbing death of a woman at a park in Ottawa鈥檚 south end on Thursday.
Credit Suisse on Thursday reported a pre-tax loss of more than 1.3 billion Swiss francs (about US$1.4 billion) in the fourth quarter of last year, as its new managers vie to right the top-drawer Swiss bank that has faced a string of setbacks in recent years.
The bank also announced the $175 million purchase of the investment banking business of U.S.-based M. Klein & Co. and plans to roll those operations into the revived CS First Boston investment bank.
The Zurich-based company, Switzerland's No. 2 bank after UBS, said net revenue sank 20% compared with a year ago, coming in at 3 billion francs for the fourth quarter. The pre-tax loss was nearly 1.32 billion francs, compared with 1.67 billion in the same period a year earlier.
Credit Suisse saw its investment bank business shrink and its Swiss bank and wealth management operations increase as a share of revenue. The company says it expects losses in both the investment bank and wealth management units for the first quarter of this year, partly due to a drop in assets under management and lower deposits since announcing a broad restructuring in October.
The bank's performance last year overall "was mainly driven by significantly lower" investment banking revenue, pointing to an "industry-wide slowdown in capital markets" with major indices all falling in 2022, it said in a statement.
In October, Credit Suisse unveiled a "radical strategy" to revamp itself through measures including cost cuts, staff reductions, steps to lower risk and a cash infusion through a share purchase from the Saudi National Bank.
Credit Suisse has run into multiple troubles in recent years, including bad bets on hedge funds and a spying scandal involving UBS. A Swiss court fined the bank more than $2 million in September for failing to prevent money laundering linked to a Bulgarian criminal gang more than 15 years ago.
For the year, revenue plunged 34% to 14.92 billion francs, and the pre-tax loss came in at 3.26 billion francs, compared with a pre-tax loss of 600 million francs in 2021.
A Montreal man is charged with first-degree murder in connection to the stabbing death of a woman at a park in Ottawa鈥檚 south end on Thursday.
Ontario will not allow international students in medical schools beginning in the fall of 2026, and will also cover tuition for more than 1,000 students who commit to becoming a family doctor in Ontario, Premier Doug Ford said Friday.
Archeologists have uncovered a tiny house in Pompeii that is filled with elaborate 鈥 and sometimes erotic 鈥 frescoes, further revealing the ornate way in which Romans decorated their homes.
Understanding the common symptoms of a cold or flu can help you make an informed choice about treatment. Here鈥檚 what to know about each illnesses鈥 symptoms and when it鈥檚 time for a doctor visit.
A Florida mother has sued artificial intelligence chatbot startup Character.AI, accusing it of causing her 14-year-old son's suicide in February and saying he became addicted to the company's service and deeply attached to a chatbot it created.
An Ontario police force has been accused of letting a deputy chief off the hook for speeding tickets. The results of an investigation into the allegations have not been provided, despite repeated requests for details.
The federal government allowed 30-year mortgage amortizations for first-time homebuyers purchasing new builds in August, and the new rules are set to expand in December to everyone looking to buy a newly-constructed home.
A Quebec mother of six, once detained in northeast Syria, has died while waiting for repatriation. The Canadian woman was known only by her initials F.J.
Researchers have connected the identity of skeletal remains found in a well at Norway鈥檚 Sverresborg castle to a passage in a centuries-old Norse text.
A new resident at a Manitoba animal rescue has waddled her way into people's hearts.
Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.