ZURICH (Reuters – Credit Suisse will likely experience a loss across the group in the second quarter. This is a blow for the troubled lender.

Credit Suisse released a statement saying that “the combination of the geopolitical crisis following Russia’s invasion in Ukraine and significant monetary tightening in response to the increase in inflation and unwinding COVID-related stimuli measures has resulted heightened market volatility, low customer flows and continued client deleveraging, especially in the APAC area.”

“Within Investment Bank… the effect of these circumstances, along with continuing low levels capital markets issuance… and the widerning of credit spreads…are likely to cause a loss both for this division and for the Group during the second quarter in 2022.”