Credit Suisse has battled comparisons to Lehman Brothers, the Wall Street investment bank that filed for bankruptcy protection in September 2008, the peak of the great financial crisis. Bank executives earlier this month reached out to investors and clients to reassure them about Credit Suisse's liquidity and financial position, the Financial Times reported. Credit Suisse's market cap on Thursday was $16.4 billion, far below its more than $22 billion valuation in 2021. "This is a historic moment for Credit Suisse. We are radically restructuring the Investment Bank to help create a new bank that is simpler, more stable and with a more focused business model built around client needs," said Ulrich Körner, Credit Suisse CEO, in a statement. On Thursday, Credit Suisse also reported a net loss of about 4 billion Swiss francs ($4.03 billion) in the third quarter, compared to a profit of 434 million Swiss francs for the same time period in 2021.