Credit Suisse sees Q4 pre-tax loss of $1.6B

ZURICH, Switzerland: Credit Suisse stocks tumbled again on Wednesday after announcing it expects a surprise fourth-quarter pre-tax loss of up to $1.6 billion as it launches into a radical overhaul of its operations.

Shaken by repeated scandals, Switzerland's second-largest bank unveiled a rejig in late October, but accepted that its accounts would take a hit of up to 1.5 billion Swiss francs ($1.6 billion) in the final three months of the year.