REUTERS
Credit Suisse reported its first full-year loss since 2008 after booking a big impairment charge at its investment banking business, sending its share price tumbling and piling pressure on new Chief Executive Tidjane Thiam, according to Reuters.
Thiam said the most recent results reflected "challenging conditions," adding he expects markets to remain volatile throughout the remainder of the first quarter of 2016 as macroeconomic issues persist, Reuters wrote.
Shares fell more than 12% on Thursday to hit their lowest level since 1992 after Switzerland's second largest bank signaled a difficult beginning to the year, according to Reuters.
The bank posted a 2015 net loss of 2.94 billion Swiss francs ($2.92 billion), worse than the median estimate of a 2.12 billion loss in a Reuters poll.
It booked a goodwill impairment charge of 3.8 billion francs in the fourth quarter as a result of the new strategic direction Thiam is pursuing.
The impairment was mostly related to the acquisition of U.S. investment bank Donaldson, Lufkin & Jenrette in 2000, it said.
The lender said it saw net outflows of funds in two of its three main wealth management divisions during the period, though it target market of Asia Pacific was the exception.