Credit Suisse, Switzerland’s second-biggest bank, reported a fifth consecutive quarterly loss and predicted its investment bank and wealth management businesses will continue to suffer, writes BARRONS.

Shares were down 4% in early trading in Zurich. The past year, the stock has dropped more than 60%. The bank lost 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter. For the full year of 2022, the bank reported a loss of 7.3 billion Swiss francs (USD 8 billion), roughly in line with expectations.

The results show Credit Suisse is still reeling from a series of setbacks and scandals during the past few years that included a huge hit from the collapse of family office Archegos Capital and a rapid succession of leaders. The company is in the middle of an overhaul, and CEO Ulrich Koerner says the changes are being implemented “at pace”.

In its second strategic revamp in two years, the bank is cutting 9,000 jobs, spinning out its deal-making unit, and refocusing on wealth management.

The loss in the fourth quarter was led by the investment bank and Credit Suisse said it expects another one in the unit in the first quarter. It also expects the wealth management division to lose money in the first three months of the year.