Credit Suisse Posts Trading Loss as Thiam Cuts 'Ugly Ducklings'

Updated on
  • Global markets unit posts pretax loss on revenue tumble
  • Unit cut distressed debt, CLO assets by about 80% in quarter

Credit Suisse CEO Cites Cost Cut Progress in Loss

Credit Suisse Group AG reported a second straight pretax loss at the securities business as Chief Executive Officer Tidjane Thiam offloaded and wrote down much of the high-risk assets that have triggered more than $700 million in losses since last year.

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