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Swiss banking giant Credit Suisse announced it expects a loss of 1.5 billion Swiss francs, the equivalent of $1.6 billion, for the fourth quarter of the year.
The Swiss bank had already announced last month the launch of a series of measures aimed at addressing the problems that persistently beset its investment bank, as part of a broader restructuring process.
“These decisive measures should result in a radical restructuring of the Investment Bank – reads a statement just issued by Credit Suisse – in an accelerated transformation of costs, in a strengthened and reallocated capital, and each of these measures is making progress”.