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10/27/2022, 6:54 AM (Source: TeleTrader)
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Credit Suisse Q3 revenue down 30% to 3.8B Swiss francs

Credit Suisse Group AG stated in its third-quarter earnings release that its net revenue fell 30% annually to 3.8 billion Swiss francs. Net loss reached 4 billion Swiss francs, compared to a net profit of 434 million in the same quarter in 2021. Pre-tax loss stood at 92 million Swiss francs, dropping from an income of 1.4 billion in Q3 2021. The bank's CET1 ratio was reported at 12.6% compared to 14.4% a year ago.

"Our recent Group level performance has been disappointing for our stakeholders. From today, we are taking a series of decisive actions to re-focus Credit Suisse around the needs of our clients and stakeholders. Our new, integrated model will be focused on Wealth Management, the Swiss Bank, as well as Asset Management, and we will radically restructure the Investment Bank, strengthen capital, and accelerate our cost transformation," CEO Ulrich Korner said.

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