Credit Suisse announces strategy makeover and big third-quarter loss
Credit Suisse revealed a major strategy change on Thursday alongside a large quarterly loss, which was much higher than expert projections.
The troubled bank reported a net loss for the third quarter of 4.034 billion Swiss francs ($4.09 billion), well above the consensus estimate of a loss of 567.93 million francs. The sum is significantly lower than the 434-million Swiss franc profit recorded in the same period a year ago.
The bank disclosed a massive restructuring of its operations in response to investor demands for action to improve the performance of its investment bank and recover from the devastating impact of recent litigation expenses on its bottom line.