Three bad banks
Credit Suisse conjures up an entirely fictional profit, the ghosts of the past come back to haunt UBS, and First Republic Bank puts a smiley face on disastrous figures
Credit Suisse’s fictional profit
At 5.45 yesterday morning, I opened Credit Suisse’s earnings release for the first quarter of 2023, expecting to see a massive loss and disastrous key performance indicators. But what I immediately saw was this:
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