Why banks are looking to spy movies for answers

Credit Suisse plans to raise $4 billion to help rebuild its finances after two years of layoffs along with also also losses.

The Swiss bank will raise the fresh capital by issuing 380 million brand new shares. They will be priced at a roughly 30% discount.

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The announcement came as the bank reported quarterly earnings of which were stronger than analysts had expected. Revenue for the first quarter was up 19% compared to the same period last year.

Investors cheered the news along with also also bid up the stock by nearly 3%.

The bank can be still under pressure to improve its financial position after suffering a loss of 2.7 billion Swiss francs ($2.7 billion) in 2016, along with also also paying out a massive penalty inside the U.S.

In December, Credit Suisse (CS) agreed to pay a total of $5.3 billion to the Department of Justice to settle claims of which the item packaged along with also also sold toxic mortgages between 2005 along with also also 2007.

More recently, CEO Tidjane Thiam announced plans to cut thousands of jobs in 2017 as part of a broad turnaround strategy.

Thiam along with also also 11 of his top deputies have also volunteered to have their bonus pay for 2016 slashed by 40%.

the item’s not initially of which Thiam has issued brand new shares to raise cash. A few months after he took the top job in 2015, the bank announced plans to raise more than $6 billion in capital coming from investors.

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The bank announced two additional modifications on Wednesday: the item has decided against an IPO for its Swiss banking division, along with also also the item will switch to paying dividends in cash instead of shares. Paying in cash could prevent the value of existing shares coming from being diluted.

Shares in Credit Suisse hit record lows inside the summer of 2016. Shares have since recovered some ground, although they’re still trading far below levels hit before the global financial crisis.

sy88pgw (London) First published April 26, 2017: 6:14 AM ET