Shares of Credit Suisse Group AG were losing around 9 percent in the morning trading in Switzerland as well as in pre-market activity on the NYSE after the banking major said it sees substantial loss before taxes in fiscal 2023 after reporting narrower loss in its fourth quarter with lower expenses, despite weak revenues.
Separately, Credit Suisse announced the acquisition of Klein Group LLC, the investment banking business of M. Klein & Co. LLC, for $175 million. Following the deal closure, anticipated in the first half, the business will be fully integrated into CS First Boston.
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