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Credit Suisse Sinks as Path to Profits Keeps Getting Steeper

  • Credit Suisse buys Klein boutique in First Boston carve out
  • Bank posts $1.5 billion Q4 loss, sees substantial loss in 2023
Bloomberg business news
WATCH: Credit Suisse CEO Ulrich Koerner says the Swiss lender should be profitable in 2024.Source: Bloomberg
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Credit Suisse Group AG posted a bigger-than-expected loss for the fourth quarter and unprecedented client outflows, exacerbating the difficulty for Chief Executive Officer Ulrich Koerner in returning to profitability by next year.  

Shares in the Swiss bank slid as much as 12% on Thursday after it posted a fifth-straight quarterly loss of 1.39 billion Swiss francs ($1.5 billion). While outflows were concentrated in a hectic two-week period in October, the full scale of the exodus — 110.5 billion francs — still surprised analysts.