Shares of the embattled Swiss bank Credit Suisse Group (NYSE: CS) struggled today after the bank reported its third-quarter earnings and as management announced an ambitious new restructuring plan. Shares had fallen close to 14% as of 9:37 a.m. ET on Thursday.

Credit Suisse reported a loss equivalent to nearly $4.1 billion on total revenue of about $3.84 billion, largely due to the reassessment of deferred tax assets as a result of a strategy review and planned overhaul by the bank.

The bigger story was management's plans to restructure the bank and chart a new path forward, which most investors were anxiously waiting on. After multiple scandals and big losses in recent years due to heavy exposure to the collapse of Archegos Capital and Greensill Capital, Credit Suisse has seen losses pile up and vowed to overhaul its investment bank.

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Source Fool.com