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

GENEVA (AP) — Swiss bank Credit Suisse unveiled Thursday a “radical strategy” aimed to overcome a string of recent troubles that have dented its reputation.

The Zurich-based bank announced plans to cut costs, lower staff counts and reduce risk. It 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.

The “historical moment” for the Zurich-based bank, as new CEO Ulrich Koerner put it, comes as Credit Suisse 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.