Credit Suisse Plans 6500 Pink Slips

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The bank today posted a loss of $2.4 billion (£1.9 billion) for 2016, worse than bank-watchers had expected.

In a letter to shareholders, published alongside the results on February 14, chief executive Tidjane Thiam and chairman Urs Rohner noted that despite a restructuring of the markets business - launched in 2015 when Credit Suisse revealed plans to split its investment bank into separate capital markets and sales and trading divisions - the global markets unit was profitable in 2016.

Back in December, Credit Suisse announced an additional round of cuts in Switzerland, as well as plans to restructure its business in order to return to profitability after losing close to $3 billion.

In wealth management, Credit Suisse said it suffered net outflows in the fourth quarter due to clients pulling cash to participate in tax amnesty programs and a decision to no longer bank certain external asset managers.

That goal will require further reductions over the next two years, having reported adjusted operating expenses of 19.38 billion Swiss francs last year (£15.5 billion).

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It also shed more than 7,250 jobs over the course of a year ago.

Shares of Credit Suisse rose 2.3 percent on Tuesday as it struck an optimistic tone for the year ahead despite a loss for last year of 2.44 billion Swiss francs (2.3 billion euros).

Thiam also stated: "2016 was the first full year of implementing our new strategy and it was a challenging and busy 12 months".

The share sale "is a very good option, it's on the table", Chief Executive Officer Tidjane Thiam said in a Bloomberg Television interview Tuesday. Revenue was reported as $20.64 billion.

Thiam said the bank had improved its capital ratio - a measure of financial health - and reduced costs by 1.9 billion francs during the year, above its initial target to save 1.4 billion francs.

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