The stock touched a low below 5 francs in mid-July, and its market capitalization has fallen below 14 billion Swiss francs, Refinitiv data showed. The shares were little changed Wednesday.

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Credit Suisse "will need time to solve its issues and regain the trust of all stakeholders over the next years," analyst Andreas Venditti at Vontobel wrote in a client note. He said the investment bank review was the right focus for Koerner.

On Wednesday, the bank reported a 1.59 billion Swiss franc ($1.65 billion) April-June loss, far deeper than the 206 million franc market consensus.

"Our results for the second quarter of 2022 are disappointing, especially in the Investment Bank, and were also impacted by higher litigation provisions and other adjusting items," Gottstein said.

The investment bank, which lost 1.12 billion Swiss francs before tax in the second quarter, was expected to lose money again this quarter before business picks up by year's end.

"It's a radically different investment banking environment this year than it was last year," Chief Financial Officer David Mathers told a conference call.

As part of the investment bank overhaul, David Miller and Michael Ebert will become co-heads of the business, while current chief Christian Meissner will focus on the strategic review.

In wealth management, Credit Suisse ranks as the top 2 global wealth manager outside the United States, based on McKinsey data.

The stock touched a low below 5 francs in mid-July, and its market capitalization has fallen below 14 billion Swiss francs, Refinitiv data showed. The shares were little changed Wednesday.

*

Credit Suisse "will need time to solve its issues and regain the trust of all stakeholders over the next years," analyst Andreas Venditti at Vontobel wrote in a client note. He said the investment bank review was the right focus for Koerner.

On Wednesday, the bank reported a 1.59 billion Swiss franc ($1.65 billion) April-June loss, far deeper than the 206 million franc market consensus.

"Our results for the second quarter of 2022 are disappointing, especially in the Investment Bank, and were also impacted by higher litigation provisions and other adjusting items," Gottstein said.

The investment bank, which lost 1.12 billion Swiss francs before tax in the second quarter, was expected to lose money again this quarter before business picks up by year's end.

"It's a radically different investment banking environment this year than it was last year," Chief Financial Officer David Mathers told a conference call.

As part of the investment bank overhaul, David Miller and Michael Ebert will become co-heads of the business, while current chief Christian Meissner will focus on the strategic review.

In wealth management, Credit Suisse ranks as the top 2 global wealth manager outside the United States, based on McKinsey data.