Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.20 billion) equity capital hike earmarked to finance the embattled Swiss bank's turnaround.
The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland September 26, 2022. REUTERS/Arnd WiegmannChairman says important step in turnaround navigatedshareholders on Wednesday approved a 4 billion Swiss franc equity capital hike earmarked to finance the embattled Swiss bank's turnaround.
"This vote confirms confidence in the strategy, as we presented it in October, and we are fully focused on delivering our strategic priorities to lay the foundation for future profitable growth," he added.of up to 1.5 billion Swiss francs in its fourth quarter, saying the "challenging" economic and market environment had an adverse effect on client activity across its business.
To fund an overhaul which will see it cut thousands of jobs and scale back its investment bank, Credit Suisse had drawn up a plan that would give new and existing shareholders the chance to buy new shares.
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