Credit Suisse revealed on Wednesday that it expects a pre-tax loss of up to CHF1.5 billion in the fourth quarter of the financial year.
The Swiss bank is now preparing for big strategic changes and radical restructuring of its business.
The company said in the official announcement:
These decisive measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, each of which are progressing at pace.
The latest forecast follows the previous two quarters that also registered massive losses. In the second quarter of 2022, the investment bank posted net losses of CHF 1.59 billion CHF342 million in the third quarter.