Credit Suisse saw a £1.3bn (CHF 1.4bn) loss in the last quarter of 2022, taking the bank's annual loss to £6.6bn (CHF 7.3bn).
In the bank's annual results published today (9 February), it reported its biggest annual loss since the 2008 financial crisis, warning that it expected another "substantial loss" in 2023 due to restructuring costs.
The firm's restructuring plan, which will see 9,000 of its 52,000 staff cut, involves spinning off the firm's investment bank and strengthening its wealth management arm.
Plagued by scandal, the bank reported outflows of £96.2bn (CHF 107bn) throughout the quarter, mainly concentrated in October.
Meanwhile, it saw a 33% drop in revenue in the quarter, due largely to a 74% decline in investment banking fees, compared to an asset management drop of 28% and wealth management decline of 17%.
Alongside the results, Credit Suisse also said that it had finished its £145m acquisition of M Klein & Company, the advisory boutique owned by Michael Klein, the former director who will run the firm's investment bank.
"We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," chief executive of the bank Ulrich Koerner said.
Credit Suisse's share price has fallen 5.2% over the past five days, according to MarketWatch data.
