Credit Suisse Group AG investors should brace for billions of dollars in losses before the troubled Swiss lender’s sweeping restructuring plan eventually leads to modest profitability in 2025 -- and that’s only if it can overcome steep risks, according to Moody’s Corp.

The ratings agency said that the Swiss bank’s plan entails elevated restructuring and remediation costs, as well as reduced revenue streams, leading to large losses in 2022 and more in 2023, according to a statement on Friday.

“The group should return to modest profitability in 2025, but at levels still significantly below its historical results,” it added, saying that the firm would likely only “break even” in 2024 after combined losses of about 9 billion francs this year and next.

Credit Suisse’s Chief Executive Officer Ulrich Koerner previously said that the bank will become profitable from 2024 onwards following the restructuring.

The Swiss bank last month announced a radical overhaul that involves a $4 billion capital raise, the downsizing of its investment bank and thousands of job cuts.

Moody’s also warned that the lengthy timeline to execute the new revamp will likely lead to high talent and client attrition risk.

This article was provided by Bloomberg News.