Credit Suisse reports $1.65 billion loss for the second quarter as its European rivals see gains.

Credit Suisse slumped to a loss in the second quarter, it said on Wednesday, with results weighed down by its investment banking business. The Swiss bank also announced a change to its leadership and a shift to scale back the tarnished investment bank.

The bank said it lost 1.59 billion Swiss francs, or about $1.65 billion, in the quarter, compared with a profit 253 million Swiss francs for the same period a year ago.

The bank’s