"Credit Suisse is on an important journey," Chairman Axel Lehmann said as the Zurich-based bank suffers from subdued investment activity and worsening market conditions, with shares cratering to a new record low.

However, Chief Executive Officer Ulrich Koerner said the Swiss bank would "definitely" turn profitable in 2024, despite lower deposits and fewer assets overseen for clients.

Credit Suisse "is not out of the woods yet in terms of stabilizing the franchise," said Kian Abouhossein, an analyst at JPMorgan, describing ongoing outflows in the wealth management business as "concerning." Abouhossein was also "perplexed" by the material losses in the investment banking division.