Credit Suisse Stock Plummets as Investors Question CEO's Targets
- Bank reports loss of 5.8 billion francs in fourth quarter
- Thiam repeats his forecast as Citigroup calls it unachievable
Credit Suisse CEO: Investment Bank Is Core to Strategy
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Credit Suisse Group AG shares slumped to a two-decade low as bigger-than-expected restructuring charges and trading losses prompted investors to question Chief Executive Officer Tidjane Thiam’s plan to turn around the company.
The shares dropped as much as 13 percent on Thursday in Zurich after the bank posted a fourth-quarter loss of 5.8 billion Swiss francs ($5.8 billion), worse than analysts’ estimates. Global markets, which houses most of the Zurich-based firm’s trading business, had the biggest quarterly loss among the company’s divisions as Thiam cited “legacy positions” hurt by jittery markets.