Credit SuisseReports a loss of 273 millions Swiss Francs (or 283.5 Million) in the first quarter.

According to Refinitiv data, analysts had predicted a net profit of 209 million Swiss Francs. Credit Suisse, however, stated last week that they were expecting to lose money due to the impact of Russia’s invasion in Ukraine and the increase in legal provisions.

According to the Swiss bank, Russia-related losses have reached 206 millions Swiss francs. Also, there was a loss of 155million Swiss francs related to Archegos.

Wednesday’s earnings come after steep losses at the end of 2021There are many options. scandals. Antonio Horta Osorio was the chairman of this group, who had repeatedly violated Covid-19 quarantine regulations.

Horta Osorio came in to clean up the bank’s corporate culture following significant losses in its investment banking section in 2021 because of its involvement in the collapsed. investment firm Archegos Capital and insolvent supply chain finance company Greensill.

It posted a net loss totalling 1.57 billion Swiss Francs for the entire of 2021. This is well below expectations. Since the beginning of 2019, the stock has fallen 20.6%.

—CNBC’s Elliot Smith contributed to this article.

This story is being updated as it’s breaking.