BBG: Credit Suisse plunges most ever after radical reboot disappoints

© Edwardgerges risk

© Edwardgerges

By LoadstarEditorial

27/10/2022

BLOOMBERG reports:

– Analysts bemoan $4 billion overhaul’s ‘lowly’ return target

– CEO Koerner doesn’t want to ‘overpromise’ but stock tumbles

Credit Suisse Group AG’s top two leaders described their plan to remake the troubled bank as “radical” and “decisive,” promising an end to half-measures.

The multiyear reshaping funded by a new Saudi Arabian backer marked a historic move away from going toe-to-toe with the biggest Wall Street players and an unprecedented attempt to spin out a boutique investment bank.

Now read this: “Credit Suisse cuts 9,000 jobs to stem losses“.

And this: “Credit Suisse Becomes Part of Saudi Crown Prince’s Vision“.

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