Credit Suisse Sounded The Alarm Bells

8 days ago1:34 min

Credit Suisse Sounded The Alarm Bells

Credit Suisse warned investors on Wednesday that it’s bracing for another dizzying loss this quarter.

What does this mean?

Credit Suisse was probably hoping to hold onto customers while its “strategic overhaul” gets underway, but bold blueprints alone don’t earn anyone much goodwill. So it’s a kick in the Swiss lender's teeth that massive withdrawals by its wealthiest customers are set to see it chalk up a $1.6 billion loss this quarter. And given that blow follows a $4 billion hole the quarter before, it’s no wonder Credit Suisse is on a campaign to change things: the bank’s now hoping to drum up cash from new and existing shareholders, and is lining up a whole 9,000 jobs on the ch

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