C Suisse Q1 profit falls 34%

Credit Suisse Canary Wharf

Credit Suisse Group said first-quarter profit fell 34 percent as earnings at the investment bank dropped.

Bloomberg News reports that net income decreased to $976m.

CEO Brady Dougan last year split up divisions into businesses that he wants to keep and those that he plans to sell or run down. Earnings in the quarter suffered from a decline in revenue from debt trading that also weighed on profit at JPMorgan.

'The environment in the quarter was generally difficult with little activity from clients', said Andreas Venditti, a Zurich-based analyst at Vontobel. 'Fixed-income had a bad quarter'.

The investment bank posted a 36% percent drop in pretax profit to $939.4m, while the private banking and wealth management unit, which encompasses all other businesses, saw earnings rise 15% to $1.15bn.

Hit the link below to access the complete Bloomberg article:

Credit Suisse Profit Fell 34 % on Lower Investment Bank Earnings

Lawsky Said to Subpoena Credit Suisse in Tax-Evasion Case

 

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