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The 600 million franc legal provision blowing a hole in Credit Suisse’s bottom line? You know, the one it outlined in its fifth profit warning in the last six quarters today? Well, the good news is that it all stems from things that “originated more than a decade ago, primarily, we assume, the $500 million judgment against it in a Bermuda court for screwing over Georgia’s former prime minister.

The bad news is that’s only the first three-quarters of the ill wind blowing from the east, and from the acrid smell of burning Ukrainian cities on it, that 200 million francs is of a more recent vintage.

The Zurich-based bank said Wednesday that it expects to post a loss for the first quarter on the back of a 200 million-Swiss-franc ($210 million) charge related to Russian exposure…. The lender is stopping new business in Russia in line with global peers and has been rapidly winding down credit to Russian clients, potentially entailing a more permanent loss in trading and lending revenues….

For a turn-around in the outlook for Credit Suisse, “we would need to see an end to unexpected risk events, a return to top-line growth and positive earnings momentum, and a commitment to greater capital return,” analysts including Andrew Coombs at Citigroup Global Markets wrote in a note. “There appears to be no evidence of this yet based on this latest profit warning.”

Credit Suisse to Post First-Quarter Loss on Russia, Litigation [Bloomberg]

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