Latest News

Dow Jones Newswires: Credit Suisse swings to $4.09 billion loss as revenue drops 30%

0

Credit Suisse Group AG on Thursday swung to a larger-than-expected third-quarter net loss, with the bank saying earnings were significantly affected by the continued challenging market and macroeconomic conditions, leading to a weaker performance for its investment bank in particular.

The Swiss lender
CS,
-1.03%

CSGN,
-0.52%

posted a net loss of 4.03 billion Swiss francs ($4.09 billion), compared with a profit of CHF434 million a year earlier, as quarterly revenue dropped 30% to CHF3.8 billion.

A company-compiled consensus forecast had expected a net loss of CHF413 million on revenue of CHF3.99 billion.

The bank ended the quarter with a common equity Tier 1 ratio–a key measure of balance-sheet strength–of 12.6%, compared with 14.4% in the year-earlier period.

Credit Suisse also announced a strategy update that Chief Executive Ulrich Körner said will “radically restructure the investment bank, strengthen capital, and accelerate our cost transformation.”

Write to Dominic Chopping at dominic.chopping@wsj.com

MarketWatch First Take: Facebook and Google grew into tech titans by ignoring Wall Street. Now it could lead to their downfall

Previous article

Dow Jones Newswires: Lloyds Banking Group profit tumbles 26% over amid impairment charge, challenging economy

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News