Credit Suisse posts Q3 loss of 4 bln Swiss francs

Logo of Swiss bank Credit Suisse is seen in Zurich
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann

ZURICH, Oct 26 (Reuters) - Credit Suisse Group (CSGN.S) lost 4 billion Swiss francs ($4.06 billion) in the third quarter, badly missing the average estimate of 413 million francs in a consensus compiled by the embattled Swiss bank which also unveiled its new strategy.

It booked a 3.7 billion franc impairment on deferred tax assets related to the strategy review.

Switzerland's second-biggest bank saw a group net asset outflow of 12.9 billion Swiss francs in the quarter in "challenging" markets and as negative headlines swirled about the bank's efforts to restructure after a series of scandals and risk-management failures.

Its CET1 capital ratio fell to 12.6% from 13.5% at the end of June. Analysts had expected 13.4%.

($1 = 0.9864 Swiss francs)

Reporting by Michael Shields; Editing by Noele Illien

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