Credit Suisse’s issues linger with CEO shift

GENEVA — Credit Suisse said Wednesday that CEO Thomas Gottstein is resigning after 2 ½ years in the job, as he announced “disappointing” results, plunging revenues and a net loss in the second quarter.

These are the latest signs the top-drawer Swiss bank is not yet finished with a string of troubles in recent years.

The Zurich-based bank said Ulrich Koerner, whom Gottstein brought onto its board from rival UBS last year, will take the helm starting Monday.

Credit Suisse also announced a new “strategic review” that among other things will aim to lower costs.

Overall, Credit Suisse reported a net loss of about $1.7 billion in the second quarter, from a profit of more than $263 million in the quarter a year ago. Revenues plunged 29 percent to $3.6 billion.

Boeing reported a $193 million second-quarter profit for shareholders, but the results are falling short of Wall Street expectations. Boeing’s normally steady defense business is down from a year ago. Boeing said Wednesday it generated more cash by delivering more airline jets than it has since the start of the pandemic. But the company is still unable to deliver any of its 787s, a plane that Boeing calls the Dreamliner, because of production problems. Boeing is trying to convince federal safety regulators to let it resume deliveries of 787s, but it’s offering no timetable for when that might happen.

Ford Motor Co.’s net income rose 19 percent in the second quarter as the company pulled together enough computer chips to boost factory output and sales. The Michigan-based automaker said it made $667 million from April through June. Adjusted earnings per share were 68 cents, beating Wall Street estimates of 45 cents, according to FactSet. Revenue was $40.19 billion, also beating analyst estimates of $36.87 billion. The company stuck with its full-year outlook for pretax earnings of $11.5 billion to $12.5 billion. The company still expects 10 percent to 15 percent growth in vehicle sales to dealers for the full year. It made $561 million in the second quarter of last year.

Meta — Facebook and Instagram’s parent company — posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. The company earned $6.69 billion, or $2.46 per share, in the April-June period. That’s down 36 percent from $10.39 billion, or $3.61 per share, in the same period a year ago. Revenue was $28.82 billion, down 1 percent from $29.08 billion a year earlier. The results were below Wall Street’s expectations and Meta’s stock fell after-hours. Meta is in the midst of a corporate transformation that it says will take years to complete.