 net loss in the three months to the end of last month. Its poor performance was driven by the group's investment bank.His plan involves raising about CHF4 billion from a share sale and Saudi National Bank has committed itself to put in){kind=link}
Credit Suisse has unveiled a drastic plan to cut thousands of jobs, spin off its troubled investment bank and raise £3.5 billion from investors as its new boss battles to revive the struggling group.
The wide-ranging overhaul will send shockwaves through the City of London, where the Swiss bank employs about 5,500 people.
Ulrich Körner, who became its chief executive in August, set out his restructuring plan alongside dire third-quarter results, which showed that Credit Suisse suffered a CHF4 billion (£3.5 billion) net loss in the three months to the end of last month. Its poor performance was driven by the group’s investment bank.
His plan involves raising about CHF4 billion from a share sale and Saudi National Bank has committed itself to put in
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