Credit Suisse (VX: CSGN) has plummeted by as much as 11.37% on Thursday following the company’s announcement of a full-year loss. This is the first time the company has announced a full-year loss since 2008, and the loss was attributed to a big impairment charge for the company’s investment banking business.
Shares for the company quickly fell as much 12% in early morning trading, and have since risen slightly for a loss of 11.37% on the day. This is the lowest level that the stock has been since 1992, and Credit Suisse’s stock has fallen by 32% since the start of 2016.
Tidjane Thiam, the company’s new chief executive who took over the company in July, has focused on the company’s wealth management and emerging markets. The new CEO has also reduced costs in the company’s investment banking sector this year.
The bank posted a net loss of Fr.2.94 billion, roughly $2.92 billion. Thiam states that there is currently “a unique market condition and challenges, but the company is maintaining its objectives and targets that have been presented to shareholders.” The company currently wants to double his pretax income in the Asia-Pacific region by 2018, and many analysts are not sure that the bank will be able to reach these optimistic growth targets.