Credit Suisse chairman denies plans to sell or raise capital after mammoth loss

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• The bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion) on Wednesday.
  
• It also announced the immediate resignation of CEO Thomas Gottstein, who will be replaced by asset management CEO Ulrich Koerner.
  
• Asked if he had any plans to sell the company or merge with another bank, Lehmann said “that is a clear no.”
  

Credit Suisse Chairman Axel Lehmann denied any intention to sell or merge the embattled Swiss lender after it reported a massive second-quarter loss.

The bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion) on Wednesday and announced the immediate resignation of CEO Thomas Gottstein, who will be replaced by asset management CEO Ulrich Koerner.

Credit Suisse vowed to ramp up its efforts to overhaul the group’s structure in the wake of mounting losses and a string of scandals — most notably the Archegos hedge fund collapse — that have resulted in substantial litigation costs.

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