ZURICH (Reuters) – Credit Suisse Group lost 4 billion Swiss francs ($4.06 billion) in the third quarter, badly missing the average estimate of 413 million francs in a consensus compiled by the embattled Swiss bank which also unveiled its new strategy.
It booked a 3.7 billion franc impairment on deferred tax assets related to the strategy review.
Switzerland’s second-biggest bank saw a group net asset outflow of 12.9 billion Swiss francs in the quarter in “challenging” markets and as negative headlines swirled about the bank’s efforts to restructure after a series of scandals and risk-management failures.
Its CET1 capital ratio fell to 12.6% from 13.5% at the end of June. Analysts had expected 13.4%.
($1 = 0.9864 Swiss francs)
(Reporting by Michael Shields; Editing by Noele Illien)