Credit Suisse said in its market update on Wednesday that it expects to report a pre-tax loss of about 1.5 billion Swiss francs in the fourth quarter of 2022 as a result of strategic actions planned to address "disappointing" results.

"These decisive measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, each of which are progressing at pace," Credit Suisse stated.

In October, the bank announced it intends to focus on Wealth Management, the Swiss Bank and Asset Management, as well as "radically restructure" its Investment Bank and "strengthen capital, and accelerate our cost transformation."