Credit Suisse expects Q3 loss of $1.6bn from reclassifying loans

Credit Suisse expects to make a third quarter loss of about $1.6 billion from reclassification of loans linked to its non core and legacy businesses, the bank, which is now part of UBS, said on Friday.

In addition, a decision was made to wind down certain management arrangements, which may result in a loss of up to 600 million in the third quarter of this year, the bank added in a financial report.

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