The Swiss bank Credit Suisse registered losses of 5,900 million Swiss francs (5,946 million euros) in the first nine months of the year, compared to a net profit of 434 million francs (437 million euros) in the same period of the previous year, reported the entity, which has announced its new strategy and a restructuring plan.

Credit Suisse’s result reflects an adverse impact of 3.7 billion francs (3.729 billion euros) from deferred taxes related to the bank’s strategic review.

Credit Suisse’s net turnover through September decreased by 34.5% to 11,861 million Swiss francs (11,954 million euros).

The wealth management business invoiced 33% less until September, with 3,808 million francs (3,838 million euros); investment banking entered 50% less, up to 4,153 million francs (4,185 million euros); the Swiss banking business kept its turnover stable at 3,121 million francs (3,145 million euros); and the asset management division saw its revenues fall by 9%, to 1,008 million francs (1,016 million euros).

Between July and September, Credit Suisse recorded losses of 4,034 million Swiss francs (4,065 million euros), compared to profits of 434 million francs (437 million euros), while the turnover fell by 30%, to 3,804 million francs (3,834 million euros).

Credit Suisse’s CET1 top quality capital ratio in the third quarter stood at 12.6%, compared to 13.5% in the second quarter.

“The third quarter, and more broadly so far in 2022, has been significantly affected by persistently difficult macroeconomic and market conditions, leading to a weaker performance for our investment bank in particular,” said Ulrich K├Ârner. CEO of Credit Suisse. “Our recent performance has been disappointing,” he said.

In this regard, the bank’s top executive highlighted that a series of decisive actions are being taken to refocus Credit Suisse around the needs of clients and stakeholders, with a new integrated model focused on wealth management, Swiss banking and asset management. assets, while a radical restructuring of investment banking will be undertaken, capital will be strengthened and cost adjustments will be accelerated.