Credit Suisse outlines Saudi-backed plan to raise $4bn | Business and Economy News
Swiss lender intends to raise capital worth $4bn, reduce its workforce by 9,000 and revamp its investment bank.
Swiss bank Credit Suisse has announced plans to raise billions in new capital, slash 9,000 jobs and revamp its investment banking unit, in the latest effort to turn the group’s fortunes around.
Switzerland’s second-biggest lender reported huge third-quarter losses on Thursday as it launched a strategic review aimed at putting an end to a series of scandals and create “a simpler, more focused and more stable bank”.
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