Credit Suisse expects pre-tax loss of €1.5b 

ZURICH, Nov 23 — Credit Suisse — which has launched a radical overhaul — said today it expected a pre-tax loss of up to 1.5 billion Swiss francs (€1.5 billion/RM 7.3 billion) in the fourth quarter.

Switzerland’s second-biggest bank announced that measures unveiled last month aimed at turning around the beleaguered lender would impact its results.

The loss “will depend on a number of factors including the Investment Bank’s performance for the remainder of the quarter, the continued exit of non-core positions, any goodwill impairments, and the outcome of certain other actions, including potential real-estate sales,” the bank said in a statement.

Credit Suisse launched its new strategy following huge third-quarter losses to try to repair the damage following a series of scandals.

Measures include revamping its investment banking unit, slashing 9,000 jobs and a capital injection from the Saudi National Bank.

Shares in the Swiss bank fell by more than four per cent on the SMI stock exchange shortly after opening. — AFP