Credit Suisse Unveils ‘Radical’ Strategy as 3Q Loss Hits $4B

Grey clouds cover the sky over a building of the Credit Suisse bank in Zurich on Feb. 21, 2022. Ennio Leanza/Keystone via AP

GENEVA—Swiss bank Credit Suisse unveiled Thursday a “radical strategy” aimed to overcome a string of recent troubles that have dented its reputation, involving cost cuts, staff reductions, steps to lower risk, and a cash infusion through a share purchase from a leading Saudi bank.

The Zurich-based bank also said it will revive the CS First Boston investment bank brand, once a stalwart of Wall Street, as it reported a 4-billion Swiss franc ($4.1 billion) loss in the third quarter.