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Credit Suisse CEO Thiam warns of tough 2016 amid strategy revamp

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Credit Suisse sees its restructuring programme weighing on earnings in 2016 following the Swiss bank's first full-year loss since 2008, Chief Executive Tidjane Thiam told shareholders on Friday.

[ZURICH] Credit Suisse sees its restructuring programme weighing on earnings in 2016 following the Swiss bank's first full-year loss since 2008, Chief Executive Tidjane Thiam told shareholders on Friday.

"As previously mentioned, we expect Credit Suisse's financial performance in 2016 to continue to be affected by restructuring initiatives as we implement our strategy," Mr Thiam told investors at Credit Suisse's annual general meeting in Zurich according to prepared remarks.

In a separate speech, Chairman Urs Rohner said he was convinced Credit Suisse's strategic plan, announced in October, had put the bank on the right track but that its implementation would place "considerable demands on all the parties concerned over the next two years".

REUTERS