Credit Suisse unveils ‘radical’ strategy as 3Q loss hits $4B

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Swiss bank Credit Suisse has unveiled a “radical strategy” meant to overcome recent troubles that have dented its reputation. The Zurich-based bank announced Thursday plans to cut costs, lower staff counts and reduce risk as it reported a 4-billion Swiss franc (dollar) loss in the third quarter. It also said it will revive the CS First Boston investment bank brand. New CEO Ulrich Koerner said it was a “historical moment” for Credit Suisse as he acknowledged a “disappointing” recent performance at a time of market and macroeconomic uncertainty. Chairman Axel Lehmann said the bank had become “unfocused,” and its board had assessed its future direction.