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Credit Suisse lifts profit with surprise equity trading gains


Added 04-24-19 06:03:01am EST - “Credit Suisse set a positive tone for this quarter's European bank results ...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Credit Suisse lifts profit with surprise equity trading gains”. Below is an excerpt from the article.

ZURICH (Reuters) - Credit Suisse set a positive tone for this quarter’s European bank results on Wednesday, lifting its net profit as gains in equities and deeper ties between trading and private banking helped offset lower revenue.

Switzerland’s second-biggest bank bucked market expectations of a profit dip and said it gained market share in equities trading during a quarter in which major U.S. rivals such as Goldman Sachs and Morgan Stanley saw revenue slides in this business.

Its Global Markets trading unit, the focus of much criticism in recent years, increased equity trading, with Chief Executive Tidjane Thiam saying Credit Suisse was “moving up the ranks in equities”. But a slide in its Asian unit brought overall group revenue from equities sales and trading down by 5 percent.

Wednesday’s results also included a forecast that Credit Suisse was cautiously optimistic about the second quarter.

Although Credit Suisse last year wrapped up a three-year overhaul with its first annual profit since 2014, volatile earnings and high headcount in its trading division meant it faced questions over whether it was downsized enough.

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