Credit Suisse headquarters in Zurich's Paradeplatz, Copyright © 1997 - 2009 CREDIT SUISSE GROUP AG
Zurich, Switzerland (GenevaLunch) – Credit Suisse, one of Switzerland’s two main banks, reported net income of CHF1.6 billion in the second quarter of 2009. This is 20 percent below the CHF2bn income reported for the first quarter of 2009, but still significantly better than the CHF1.2bn income reported a year earlier. Investment banking contributed the lion’s share of the reported income, reflecting the bank’s “reduced-risk” business model.
Many toxic investments were liquidated last year. Private banking contributed CHF 935 million to income, according to Credit Suisse, and the wealth management division reported revenues of over one percent on CHF 1.175bn client assets under management. Despite the results, CEO Brady W. Dougan cautioned, “We expect the global economic environment to remain challenging and uneven business conditions to persist.”
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News story, GenevaLunch, 23 July 2009.
Filed under: Business
Tags: Brady W. Dougan, Credit Suisse, investment banking, net income, private banking wealth management, second quarter results
October 22nd, 2009 at 9:24 am
[...] “Credit Suisse net income of CHF1.6 billion in 2nd quarter“, 23 July 2009, GenevaLunch Posted by :: Sean Ecker on 22 October [...]