Credit Suisse Posts $4 Billion Loss Ahead of Crucial Revamp

Impairment, investment bank loss, outflows weigh on earnings
Restructuring costs to cause another loss next quarter

WATCH: CEO Ulrich Koerner says the overhaul makes Credit Suisse a “simpler, more stable bank.”Source: Bloomberg

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By Myriam Balezou and Marion Halftermeyer

October 27, 2022 at 5:19 AM UTC

Updated on

October 27, 2022 at 3:51 PM UTC

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Credit Suisse Group AG reported its fourth straight loss as its investment bank continued to struggle, wealthy clients fled and the lender booked a charge related to a critical overhaul that’s been in the making for months.

The net loss of 4.03 billion Swiss francs ($4.08 billion) in the three months through September included a 3.7 billion-franc impairment of deferred tax assets that is related to the revamp, Credit Suisse said Thursday.