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In this article CSG.N-CH NBHC Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 2:26 02:26 Saudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaul Capital Connection The chairman of one of Credit Suisse's newest and biggest shareholders called on the beleaguered bank to deliver a swift overhaul and return to a "very stable, conservative Swiss banking posture." Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. "We got it at the floor price. I think the bank has been battered," Ammar Alkhudairy told CNBC's Hadley Gamble on Sunday. "It's trading at less than a quarter of book value, of tangible book value, which is, which is a steal. And it's 160-year-old brand, the brand has a lot of value." The bank is reportedly set ...

Switzerland's second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. Fabrice Coffrini | AFP | Getty Images Credit Suisse on Thursday posted a quarterly loss that was significantly worse than analyst estimates, as it announced a massive strategic overhaul. The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared to analyst expectations for a loss of 567.93 million Swiss francs. The figure was also well below the 434 million Swiss franc profit posted for the same quarter last year. The bank noted that the loss reflected a 3.655 billion Swiss franc impairment relating to the "reassessment of deferred tax assets as a result of the comprehensive strategic review." Under pressure from investors, the bank revealed a major overhaul of its business in a bid to address underperformance in its investment bank and following a raft of litigation costs that have hammered earnings. In its widely a...

In this article AAPL WFC BAC JPM GS Follow your favorite stocks CREATE FREE ACCOUNT David Solomon, Goldman Sachs, at Marcus event Goldman Sachs CEO David Solomon is reining in his ambition to make the 153-year-old investment bank a major player in U.S. consumer banking. After product delays, executive turnover, branding confusion, regulatory missteps and deepening financial losses, Solomon on Tuesday said the firm was pivoting away from its previous strategy of building a full-scale digital bank. Now, rather than "seeking to acquire customers on a mass scale" for the business, Goldman will instead focus on the Marcus customers it already has, while aiming to market fintech products through the bank's workplace and wealth management channels, Solomon said. The moment is a humbling one for Solomon, who seized on the possibilities within the nascent consumer business after becoming CEO four years ago. Goldman started Marcus in 2016, named after one of the bank's cofo...