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Credit Suisse: 3Q profit drops, cites ‘challenging’ market
GENEVA – Credit Suisse reported a 19-fold drop in third-quarter profit compared to a year ago, with net revenues down 10 per cent as the Swiss bank cited “challenging” market conditions and paid out deferred compensation.
The Zurich-based bank said Thursday that net income attributable to shareholders was 41 million Swiss francs ($42.1 million) in the quarter, down from 779 million a year earlier. Net revenues fell to 5.56 billion francs, from 6.07 billion.
The company’s Swiss Universal Bank improved thanks partly to real estate sales. The equities business had a weaker contribution notably in derivatives and equities trading in Europe.
CEO Tidjane Thiam has been trimming thousands of jobs in a restructuring. He said the bank’s outlook would “remain challenging” over the next several quarters because of geopolitical and macroeconomic uncertainty.
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