Credit Suisse to cut 9000 jobs to curb losses
Switzerland-based investment bank and financial services firm Credit Suisse was in the news at the beginning of the month owing to its deteriorating fundamentals and the surge in its credit default swap spread. The effect of the same was visible in the firm’s quarterly results announced today. Credit Suisse registered a net loss of a whooping 4.034 billion Swiss francs [$4.09 billion] in the third quarter when compared to contracted analyst expectations of 567.93 million Swiss francs. The figure was also well below the 434 million Swiss franc profit made during the same quarter last year. Credit Suisse posts Q3 loss of 4 bln Swiss francs https://t.co/YELw2jGLW7 pic.twitter.com/CFOiCjYcEE — Reuters (@Reuters) October 27, 2022 Also Read: Credit Suisse CDS at 14Y high, Deutsche Bank suffers from distressed valuation Job cuts, and other restructuring plans revealed The bank announced a series of measures to stem losses. Via its proposed strategic shift, Credit Suisse will