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View all search resultsCredit Suisse expects pre-tax loss of 1.5 billion euros
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A sign of Switzerland's Credit Suisse bank is seen on an office building in Zurich on Nov. 8, 2022. (AFP/Fabrice Coffrini)
C
redit Suisse -- which has launched a radical overhaul -- said Wednesday it expected a pre-tax loss of up to 1.5 billion Swiss francs (1.5 billion euros, US$1.6 billion) in the fourth quarter.
Switzerland's second-biggest bank announced that measures unveiled last month aimed at turning around the beleaguered lender would impact its results.
The loss "will depend on a number of factors including the Investment Bank's performance for the remainder of the quarter, the continued exit of non-core positions, any goodwill impairments, and the outcome of certain other actions, including potential real-estate sales," the bank said in a statement.
Credit Suisse launched its new strategy following huge third-quarter losses to try to repair the damage following a series of scandals.
Measures include revamping its investment banking unit, slashing 9,000 jobs and a capital injection from the Saudi National Bank.
Shares in the Swiss bank fell by more than four percent on the SMI stock exchange shortly after opening.
