Credit Suisse has issued a report that warns of a looming potential drop in profitability.

The Swiss bank said that adverse market movements in client portfolios in the third quarter could lead to a potential drop in asset management fees in the fourth quarter of the year, Reuters reports. This, the bank said, would lead to reduced profitability.

After recording a quarterly loss of £3.5 billion last month, the company said that it would undergo a major restructure which would include cutting 9,000 staff and shifting focus away from investment banking towards wealthy clientele.

Prior to this week’s financial report, Credit Suisse had warned that the strategic transformation would likely lead to losses in the fourth quarter of 2022.

Earlier this week, the bank’s chairman Axel Lehmann insisted during an interview that Credit Suisse is not exploring a potential sale, saying that the bank “wants to stay independent.”

During that interview with Bloomberg TV, the exec skirted around a question around accepting investment from the partly state-owned Saudi National Bank. Since then, the FT has reported that the Qatar Investment Authority will increase its stake in Credit Suisse. Once the deals are completed, up to a quarter of the bank will be owned by Middle Eastern investors.

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