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Credit Suisse CEO says 2016 will not be good year for bank

Reuters

ZURICH (Reuters) - Credit Suisse expects 2016 to be a difficult year for the Swiss bank because of its planned restructuring, Chief Executive Tidjane Thiam said on Wednesday.

"2016 will be not a good year ... with everything we have planned," Thiam told analysts in a presentation. "After that hopefully we will start to see the trends that drive the business forward in 2017 and 18."

Earlier, Credit Suisse announced it would raise 6 billion Swiss francs (4 billion pounds) to improve its capital and leverage strength.

(Reporting by Angelika Gruber; Writing by Joshua Franklin; Editing by Pravin Char)