Shares of Credit Suisse Group AG were losing around 14 percent in the morning trading in Switzerland as well as 11 percent in pre-market activity on the NYSE, after the Swiss banking major reported Thursday a hefty loss in its third quarter, compared to prior year's profit, mainly hurt by weaker performance for Investment Bank. The company also projects a net loss for the Group in the fourth quarter.
The company further announced that from today, it is taking a series of decisive actions to re-focus. The new, integrated model will be focused on Wealth Management, the Swiss Bank, as well as Asset Management, and the company will radically restructure the Investment Bank, strengthen capital, and accelerate cost transformation.
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