Bloomberg News reports that net income declined to $242.9m from $617.6m in the year-earlier period, the company said in a statement on Thursday.
Analysts had forecast a loss of $549.8m, according to the average of six estimates compiled by Bloomberg. The estimates ranged from a profit of $277m to a loss of $1.63bn.
Co-Chief Executive Officer John Cryan, 55, under pressure to restore investor confidence in the lowest-valued major global lender, has pledged to eliminate 9,000 jobs, offload riskier assets and scrapped dividends as part of a wider overhaul. With mounting costs tied to past misconduct, rising restructuring charges and tougher capital requirements weighing on returns, the co-CEO said last month he doesn’t expect the bank to be profitable this year.
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