Credit Suisse reports its first full-year loss since 2008 after it took a big impairment charge for its investment banking business under new Chief Executive Tidjane Thiam. Jo Webster reports
Its first full year loss since 2008. Credit Suisse booking a hefty impairment charge for its investment banking business. As new CEO - Tidjane Thiam - revamps the bank to focus on wealth management. Rachel Armstrong is Reuters chief financial correspondent in Europe. (SOUNDBITE) (English) REUTERS CHIEF FINANCIAL CORRESPONDENT IN EUROPE, RACHEL ARMSTRONG, SAYING: "The market knew some nasty numbers were coming but they did not expect them to be that nasty - so shares fall 10 percent this morning hitting their lowest level since 1992" Switzerland's second-biggest bank posting a 2015 net loss of 2.94 billion Swiss francs. That was far more than estimates. But the group has given its cost savings programme a turbo-boost... Already implementing 34 percent of the measures planned by 2018. (SOUNDBITE) (English) CIBC, HEAD OF FX STRATEGY, JEREMY STRETCH, SAYING: "Clearly the strategy in terms of focussing on Asian clients may well prove to be fruitful over the immediate run but as with all things in life timing is everything and we are seeing a deceleration in activity and sentiment in that Asian area and so that's really hitting them hard. There is obviously a great concern about the impact of rising costs and falling incomes and a combination of those two certainly provides a fairly pervasive negativity and I think there are some question marks about the global recovery strategy." Thiam embarked on the biggest overhaul of Credit Suisse in almost a decade last October. Four months on, though, the banks growth targets - particularly in Asia-Pacific - still look ambitious.