Credit Suisse Shares Tumbled 9% in Premarket Trading

Tiger Newspress2022-10-27

Credit Suisse shares tumbled 9% in premarket trading Thursday after the bank posted Q3 loss of 4 bln Swiss francs.

Credit Suisse Group lost 4 billion Swiss francs ($4.06 billion) in the third quarter, badly missing the average estimate of 413 million francs in a consensus compiled by the embattled Swiss bank which also unveiled its new strategy.

It booked a 3.7 billion franc impairment on deferred tax assets related to the strategy review.

Switzerland's second-biggest bank saw a group net asset outflow of 12.9 billion Swiss francs in the quarter in "challenging" markets and as negative headlines swirled about the bank's efforts to restructure after a series of scandals and risk-management failures.

Its CET1 capital ratio fell to 12.6% from 13.5% at the end of June. Analysts had expected 13.4%.

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Stingray02
2022-10-27
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