Credit Suisse Plunges Most Ever After Radical Reboot Disappoints
- Analysts bemoan $4 billion overhaul’s ‘lowly’ return target
- CEO Koerner doesn’t want to ‘overpromise’ but stock tumbles
Signage outside a Credit Suisse Group AG bank branch in Basel
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
Credit Suisse Group AG’s top two leaders described their plan to remake the troubled bank as “radical” and “decisive,” promising an end to half-measures.
The multiyear reshaping funded by a new Saudi Arabian backer marked a historic move away from going toe-to-toe with the biggest Wall Street players and an unprecedented attempt to spin out a boutique investment bank.