Credit Suisse shares drop 18% as bank discloses 3rd-Quarter loss.

By The Exchange Team

Credit Suisse shares fell 18% on Thursday after the Swiss bank reported a quarterly deficit and a strategic makeover.

The troubled lender announced a third-quarter net loss of $4.09 billion, compared to analyst projections of $567.93 million.

The figure was also much lower than the 434 million Swiss franc profit generated in the same period previous year.

The bank said the loss was due to a 3.655 billion Swiss franc impairment after a "full strategic analysis"

Under investor pressure, the bank announced a comprehensive business reform to address investment bank underperformance.

On Thursday, new CEO Ulrich Koerner told CNBC that it was the start of a "transformation into a new Credit Suisse."

In its anticipated strategic shift, the bank promised to "radically restructure" its investment bank to reduce risk-weighted assets.