Credit Suisse Group AG (NYSE:CS) shares are trading lower after the company said it expects its investment banking business to report a loss before taxes of $1.58 billion in the fourth-quarter. Shareholders also approved of a capital raise.
What Happened?
Credit Suisse said it expects its investment banking business and the group to report a loss before taxes of about 1.5 billion Swiss francs ($1.58 billion) for its fourth quarter. It previously hinted at a loss for the quarter, although not quantifying it.
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The Zurich-based bank attributed the situation to the rapid implementation of the strategic plans it revealed in late October. These plans are expected to lead to a radical restructuring of the investment banking business, an accelerated cost transformation and strengthened and reallocated capital…Read More
According to data from Benzinga Pro, CS has a 52-week high of $10.56 and a 52-week low of $3.70.
