The Business reports that Credit Suisse is believed to be on the verge of unveiling the largest loss in its 146-year history.
The newspaper suggests that Credit Suisse officials have been trying to lower market performance expectations recently and states that a third quarter loss of around £870m is on the cards. The larger than expected loss is allegedly due to tax-related charges at insurance arm Winterthur, new losses at CSFB and further difficulties at the Group's private banking operations.
Further losses will no doubt prompt more calls for the Group to get shot of Winterthur or perhaps even spin off CSFB. Whatever the results, the Group needs to put together an urgent practical strategy to reverse the recent sorry decline.