SQUAWK BOX, THURSDAY 27TH OCTOBER, 2022

Credit Suisse posts a larger-than-expected Q3 loss. The lender unveils a turnaround plan which includes restructuring its IB unit and cutting costs by 15 per cent. Chairman Axel Lehmann has admitted the bank has been ‘unfocused’. The ECB is expected to raise rates by a further 75bps which would place them at their highest level since 2009. Facebook parent company Meta sees shares freefall by almost 20 per cent in extended trade. CEO Mark Zuckerberg’s move to build the ‘metaverse’ platform has so far failed to attract investors. And staying in Silicon Valley, Elon Musk is on the verge of purchasing Twitter with the finishing touches being applied by banks to financing deals.