Credit Suisse posts massive annual loss as ‘radical’ restructure gets underway

Credit Suisse’s restructuring plans include the sale of part of the bank’s securitized products group (SPG) to U.S. investment houses PIMCO and Apollo Global Management, as well as a downsizing of its struggling investment bank through a spin-off of the capital markets and advisory unit, which will be rebranded as CS First Boston.

Credit Suisse shares have gained almost 17% since the turn of the year.

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