Tilted Brush Stroke

Credit Suisse to Raise Billions After Heavy Loss                                                                             

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Noele Illien, John O'Donnell, Michael Shields ZURICH (Reuters) (Reuters) Credit Suisse intends to sell shares, reduce thousands of jobs, and break off its investment bank to recover from years of scandals.

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After suffering a 4 billion Swiss franc loss in the third quarter and a hard few weeks, the troubled Swiss bank's chairman Axel Lehmann set forward a "blueprint for success."

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Credit Suisse said clients withdrew money at a pace that violated liquidity norms on Thursday, underlining the impact of wild market swings and a social media storm. The organisation stated it lasted.

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Saudi National Bank, the Kingdom's biggest lender, agreed to invest 1.5 billion francs in Credit Suisse for a 9.9% share.

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CS First Boston, a capital markets and advisory business, will partner with Credit Suisse once the Swiss bank spins out its investment bank.

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SNB may participate in Credit Suisse's future capital issue "which aspires to help the formation of an independent investment bank concentrating on advising and capital markets activities," according to a bourse filing.

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Credit Suisse created a capital release unit to wind down non-strategic, higher-risk subsidiaries while selling a large piece of its securitised products business.

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The bank's makeover, which seeks to resolve its worst crisis, is the third attempt by successive CEOs to turn around the struggling firm, which reported a third-quarter loss of almost 4 billion francs on Thursday.

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The bank's reputation has suffered from controversies, including an unprecedented trial for laundering money for a criminal organisation.

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The bank sold assets to raise funds for its restructuring, legacy litigation costs, and challenging markets.

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a stop to dividend payments and a quick review of the company's future.

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