Switzerland’s second biggest bank, Credit Suisse, warned on Monday its first quarter results could be hit by its exposure to a speculative US investment fund.

Credit Suisse said the fund, which it did not name, had defaulted last week on certain margin positions held by it and other banks.

The resulting impact on first quarter earnings could be very significant, it said in a statement.

It added that it was too early to say just how large the loss could be.

It was too early to say just how large the loss could be

Like its peers, the bank said it was trying to close its exposure to the fund and would make a further statement in due course.

Credit Suisse issued a similar profit warning earlier this month on its exposure to the collapse of British finance firm Greensill which specialised in short-term corporate loans.