Credit Suisse Group AG (SIX:CSGN) has booked a narrower net loss in the fourth quarter that was in line with estimates, as the embattled lender looks to a sweeping new restructuring plan to revitalize its performance after a period of heavy customer withdrawals.
Switzerland’s second-largest bank posted a net loss of CHF1.39 billion (CHF1 = $1.0881) for the three months until the end of December, decreasing by 33% year-on-year. Company-compiled forecasts had seen the figure coming in at CHF1.34B.
The Zurich-based group said it was hit by “the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter and the execution of our strategic actions.”
Credit Suisse’s annual loss subsequently slipped to CHF7.29B, the worst mark since the 2008 financial crisis and its second-straight yearly loss.