Credit Suisse’s three-year turnaround ended with more of a whimper than a bang after trading losses eroded gains in wealth management and investment banking.

Bloomberg News reports that the Global Markets business posted a larger-than-expected loss of 193 million francs ($191 million) in the fourth quarter, offsetting wealth management and investment banking results that beat estimates. In a tough quarter for money managers, the bank bucked a trend of large outflows at rivals, adding about half a billion francs of net new money.

The results at global markets demonstrate continued challenges for Thiam as he seeks to iron out trading losses while pivoting the bank to wealth management and boosting returns for shareholders as he exits the restructuring.

Credit Suisse Trading Losses Overshadow End of Thiam Turnaround

In the meantime, Bloomberg also reports that bankers at the Wall Street firm debated buying a boutique investment bank catering to midsize corporations to ramp up Goldman’s share of that market, according to people with knowledge of the matter.

At one point, executives discussed a link-up with Chicago-based William Blair & Co.They also internally raised the possibility of buying Harris Williams & Co., owned by PNC Financial Services Group Inc., one of the people said, asking not to be identified because the information isn’t public.

Goldman Considered Buying a Boutique in Mid-Market Push