Swiss bank Credit Suisse reported a fourth-quarter and year-end net loss on Thursday that fell short of expectations as it continued its massive restructuring. According to Eikon, the lender’s fourth-quarter net loss attributable to shareholders was 1.4 billion Swiss francs ($1.51 billion), worse than analyst expectations of a loss of 1.32 billion Swiss francs. It took the embattled Swiss lender’s full-year loss to 7.3 billion Swiss francs, worse than analysts’ expectations of the 6.53 billion Swiss franc loss. Shares were down 14% on Thursday afternoon. Credit Suisse is telegraphing another “substantial” full-year loss in 2023 before returning to profitability in 2024.

CEO Ulrich Koerner told CNBC on Thursday that the full results were “completely unacceptable,” but that the ongoing multi-year transformation program was essential. Under pressure from investors, the bank in October announced a plan to simplify and transform its business in an effort to return to stable profitability following chronic underperformance in its investment bank and a litany of risk and compliance failures. Koerner in a statement accompanying results that 2022 was a “crucial year for Credit Suisse” and that it had been “executing at pace” on its strategic plan to create a “simpler, more focused bank.” “We successfully raised CHF ~4 billion in equity capital, accelerated the delivery of our ambitious cost targets, and are making strong progress on the radical restructuring of our Investment Bank,” he said in the statement. “We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises.”