Credit Suisse posts $1.6 bn loss in fresh blow to recovery, names new CEO

Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss firm’s challenges in exiting its worst slump since the financial crisis.

The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at the investment bank and trading businesses and higher litigation expenses. The bank saw net outflows of 7.7 billion francs as clients traded less and cut risk in response to gyrating equity markets.  

Chief Executive Officer Thomas Gottstein and Chairman