Credit Suisse names Ulrich Koerner as CEO, launches strategic review as losses deepen


Credit Suisse on Wednesday announced that CEO Thomas Gottstein would step down as the bank reported a massive second-quarter loss, as poor investment bank performance and mounting litigation provisions hammered earnings.

The embattled Swiss bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion), far below consensus expectations among analysts for a 398.16 million Swiss franc loss.

In a statement Wednesday, Gottstein said the second-quarter results were “disappointing” and that the bank’s performance was “significantly affected by a number of external factors, including geopolitical, macroeconomic and market headwinds.”

“The urgency for decisive action is clear and a…

Source cnbc.com

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