From CNBC, October 27:
- Credit Suisse has been plagued by sluggish investment banking revenues, losses relating to its business in Russia and litigation costs following a host of legacy compliance and risk management failures, most notably the Archegos hedge fund scandal.
- The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared with analyst expectations for a loss of 567.93 million Swiss francs. The figure is also well below the 434 million Swiss franc profit posted for the same quarter last year.
Credit Suisse on Thursday posted a quarterly loss that was significantly worse than analyst estimates, as it announced a massive strategic overhaul.
The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared to analyst expectations for a loss of 567.93 million Swiss francs. The figure was also well below the 434 million Swiss franc profit posted for the same quarter last year.....
....MUCH MORE
