Credit Suisse said Thursday that it expected to post a substantial loss this year after the beleaguered bank reported a net loss of 7.293 billion Swiss francs ($7.93 billion) for 2022.

"In light of the adverse revenue impact from the previously disclosed exit from non-core businesses and exposures as well as, in particular restructuring charges related to our cost transformation, Credit Suisse would also expect the group to report a substantial loss before taxes in 2023," Switzerland's second-biggest bank said in a statement.