Credit Suisse profit tumbles

first_imgThursday 21 October 2010 2:54 am whatsapp John Dunne Credit Suisse’s third-quarter net profit tumbled 74 per cent to miss forecasts, as sluggish equities trading halved investment banking earnings from the previous quarter.Switzerland’s No.2 bank by market value behind UBS said net profit fell to 609m Swiss francs (£398m).Investment banking pretax income halved to 395m francs from an already subdued 784m the previous quarter, as chief executive Brady Dougan’s bold strategy to hire investment bankers aggressively in the second quarter failed to pay off immediately with markets flattening.CS was the first big European bank to report third-quarter numbers after US rivals such as Goldman Sachs posted higher than expected profit this week despite low trading volumes in the US equity market, though Morgan Stanley, which has derisked its trading operations since the credit crisis, surprised with a disappointing loss. Earnings at CS’s bedrock private bank outstripped the normally more lucrative investment banking segment for a second quarter running.“We believe the prospects for growth remain very attractive and our private bank is poised to capitalise as markets improve,” Dougan said.The private banking segment attracted 12.6bn francs in net new client assets, against 13.1bn a year earlier. whatsapp Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sharecenter_img Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Credit Suisse profit tumbles Tags: NULLlast_img

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