Credit Suisse reported a huge loss of 1.4 billion Swiss francs ($1.51 billion) in the fourth quarter, higher than the 1.14 billion Swiss francs expected by the market, as the second largest bank in Switzerland moving forward with its major strategic overhaul and an underperforming investment banking segment, taking full-year bottom line to a loss of 7.3 billion Swiss francs
Clients were withdrawing assets worth $120 billion in the fourth quarter last year as the bank went into a restructure. Executives pulled off a $4 billion capital raise late last year to fund for the shape up, and are shedding as many as 9,000 jobs. The bank projected that it will regain profitability by 2024.
Yesterday, several media reported that Credit Suisse would cut the bonus pool of its employees in half and pay it in three installments.
