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Embattled Credit Suisse to present strategy update on Thursday By Reuters



© Reuters. FILE PHOTO: A Credit score Suisse signal is seen on the outside of their Americas headquarters within the Manhattan borough of New York Metropolis, September 1, 2015. REUTERS/Mike Segar

ZURICH (Reuters) -Credit score Suisse Group will present an replace on its group technique assessment on Thursday following a presentation of the Swiss financial institution’s third-quarter outcomes, it mentioned on Monday.

Chairman Antonio Horta-Osorio, who joined the financial institution in April from Britain’s Lloyds (LON:), has promised a brand new technique for Switzerland’s second-largest lender and a assessment of the financial institution’s danger administration and tradition within the wake of crises that prompted a raft of executives to go away.

The assessment comes sooner than anticipated. The financial institution, whose share value has fallen 29% for the reason that begin of March, had mentioned up to now it might be unveiled earlier than the tip of the yr.

The investor occasion can be held in London and can be accessible through webcast and phone convention.

Credit score Suisse (SIX:) final month agreed to pay round $475 million to U.S. and British authorities to resolve bribery and fraud fees regarding the $2 billion Mozambican corruption scandal, whereas its subsidiary pleaded responsible to a conspiracy cost in New York.

The settlement was the most recent blow for the scandal-plagued Swiss financial institution and was introduced the identical day that Switzerland’s monetary regulator reprimanded it for a long-running company espionage saga.

The financial institution was already reeling from a string of scandals together with heavy losses from the collapse of U.S. household workplace Archegos, shopper losses stemming from the collapse of provide chain finance firm Greensill, and allegations that it snooped on former high wealth administration govt Iqbal Khan.

Horta-Osorio has mentioned the scandals are the gravest he has seen.

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