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Asharq Al-Awsat

Business

Asharq Al-Awsat

Credit Suisse Launches Radical Overhaul to Stabilize Bank

Credit Suisse Suisse Axel Lehmann Switzerland Zurich

A sign of Switzerland's second largest bank Credit Suisse on a branch's building in downtown Geneva in a file photo from November 4, 2020. Fabrice Coffrini, AFP

Credit Suisse announced a radical series of measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, 9,000 job layoffs and raising fresh capital.

Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the results were intended to create "a simpler, more focused and more stable bank".

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