ZURICH (Reuters). Credit Suisse posted Wednesday a loss of 273 million Swiss francs ($283.6 Million) in its first quarter. This is a continuation of the bank’s woes after a series of scandals that have left it with a losing streak. It also announced another round of departures from top management.

Last week, the bank warned that it would suffer a loss in the fourth quarter due to increased legal requirements and slowing business activity as a result of the Russian invasion of Ukraine.

It suffered a loss of 252 million Francs in its first quarter, which was more than it had posted the previous year. This also marked the fourth quarter that the company has been out of business for six years.

Three of the bank’s longest-serving executives have also been announced as part of the resignation. Chief Financial Officer David Mathers will be leaving as soon as possible, and Group General Counsel Romeo Cerutti, who has served as UBS General Counsel for over ten years, will retire.

According to sources, Edwin Low was named head of the Asia-Pacific division. This confirms Wednesday’s statements by sources that Low will replace Helman Sitohang, an experienced banker.

Credit Suisse (SIX) is trying to change its culture of risk management and end a string of scandals that have led to multiple top-management shake-ups and abrupt departures.

A 703 million franc rise in litigation costs has caused a second quarter loss in Switzerland. This puts further pressure on Switzerland’s second largest bank. It is still recovering from the billions of losses it suffered in 2021. Shareholders are also becoming more critical about what they call a “freewheeling” culture.

($1 = 0.9627 Swiss francs)