Credit Suisse Group AG (NYSE:CS) shares are trading higher by 5.46% to $5.50 after the company reported first-quarter results.

What Happened?

Credit Suisse Group reported quarterly losses of 62 cents per share. The company reported $3.78 billion in sales this quarter. This is a 32% decrease over sales of $5.60 billion in the same period last year.

CEO Thomas Gottstein said, "Our results for the second quarter of 2022 are disappointing, especially in the Investment Bank, and were also impacted by higher litigation provisions and other adjusting items. The bank's performance was significantly affected by a number of external factors, including geopolitical, macroeconomic, and market headwinds."

Credit Suisse runs a global wealth management business.

According to data from Benzinga Pro, Credit Suisse has a 52-week high of $11.04 and a 52-week low of $5.05.