Credit Suisse’s Koerner Says Bank Will Be Profitable From 2024

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

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By Francine Lacqua and Myriam Balezou

October 27, 2022 at 6:22 AM UTC

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The new Credit Suisse Group AG will become profitable from 2024 onwards as a result of the bank’s radical restructuring, Chief Executive Officer Ulrich Koerner said.

The troubled Swiss lender announced a sweeping restructuring plan Thursday that involves $4.1 billion capital raise, the downsizing of the investment bank and thousands of job cuts.