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Credit Suisse books $2.9 bn loss in 2015

Credit Suisse boss Tidjane Thiam announced last year the bank would axe thousands of jobs and raise billions in fresh capital as it strengthens its balance sheet and pivots its focus towards AsiaCredit Suisse posted Thursday a net loss of 2.9 billion francs ($2.9 billion, 2.6 billion euros) for 2015 as it wrote down the value of its assets and booked charges as Switzerland’s number two bank seeks to overhaul its business. The bank’s new boss Tidjane Thiam announced last year the bank would axe thousands of jobs and raise billions in fresh capital as it strengthens its balance sheet and pivots its focus towards Asia. The bank, which posted a net profit of 1.8 billion euros in 2014, said the “substantial charges… are not reflective of our underlying business performance”.

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