Swiss bank Credit Suisse Group (SIX:CSGN) AG expects to make a pre-tax loss of CHF1.5 billion ($1.6 billion) in the fourth quarter of this year.

The bank said in a statement that the loss is mainly due to losses in its wealth management and investment banking segments due to unfavorable market conditions and continued outflows of client funds.

Credit Suisse said, however, that the “actual result” will depend on a number of factors, including potential changes in business before year-end, the sale of non-key assets and write-downs related to goodwill. Meanwhile, the bank predicts that a decline in deposits and assets under management will negatively impact net interest income and fees.

As of Nov. 11, customer outflows amounted to about 6% of Credit Suisse’s assets under management at the end of the third quarter of this year, the statement added.

Credit Suisse is undergoing a business restructuring process. The bank’s shareholders are expected to vote on Wednesday on a 4 billion franc new share offering. In addition, as part of this restructuring, Credit Suisse plans to cut 2.7 thousand employees in the fourth quarter and another 9 thousand by 2025.

Quotations of shares of the Bank are declining today in trading in Switzerland.