Credit Suisse Group: Strategic Actions To Be Reflected In Near-term Financial Results

(RTTNews) - Credit Suisse Group AG (CS) said it has commenced rapid implementation of actions to create the new Credit Suisse, consistent with the strategic plans detailed on October 27, 2022. These measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, the Group said. The Bank has initiated actions to reduce headcount by 5%, with reductions to other non-compensation related costs currently underway.

Credit Suisse Group noted that the strategic actions taken to significantly reduce the Group's risk profile are expected to be reflected in near-term financial results. Credit Suisse would expect the Investment Bank and the Group to report a substantial loss before taxes in the fourth quarter 2022, of up to approximately 1.5 billion Swiss francs for the Group.