By Dominic Chopping
Credit Suisse Group AG on Thursday swung to a larger-than-expected third-quarter net loss, with the bank saying earnings were significantly affected by the continued challenging market and macroeconomic conditions, leading to a weaker performance for its investment bank in particular.
The Swiss lender (CSGN.EB) posted a net loss of 4.03 billion Swiss francs ($4.09 billion), compared with a profit of CHF434 million a year earlier, as quarterly revenue dropped 30% to CHF3.8 billion.
A company-compiled consensus forecast had expected a net loss of CHF413 million on revenue of CHF3.99 billion.
The bank ended the quarter with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 12.6%, compared with 14.4% in the year-earlier period.
Credit Suisse also announced a strategy update that Chief Executive Ulrich Körner said will "radically restructure the investment bank, strengthen capital, and accelerate our cost transformation."
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(END) Dow Jones Newswires
October 27, 2022 01:22 ET (05:22 GMT)
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