Switzerland’s second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva.
Fabrice Coffrini | AFP | Getty Images
Credit Suisse on Thursday posted a massive quarterly loss, significantly worse than analyst estimates, as it announced a significant strategic overhaul.
The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared with analyst expectations for a loss of 567.93 million Swiss francs. The figure is also well below the 434 million Swiss franc profit posted for the same quarter last year.
Under pressure from investors, the bank also revealed a major overhaul of its business in a bid to address underperformance in its investment bank and following a raft of litigation costs that have hammered earnings.
This is a developing news story and will be updated shortly.
