Credit Suisse profits down 34 percent
FRANKFURT, Germany (AP) — Swiss bank Credit Suisse says net profit fell 34 percent in the first quarter as revenues decreased from its investment banking business.
Profit fell to 859 million Swiss francs ($976 million) from 1.303 billion francs in the same quarter a year ago. Group core revenues fell 8 percent to 6.469 billion francs.
The bank said Wednesday it saw lower revenues and earnings at its investment banking division in “a challenging market environment.” The division saw less client activity in bond sales and trading and took a 297 million francs loss on businesses it is winding down. It also cited difficulties in emerging markets.
Troubles at the investment bank were partly offset by the private banking and wealth management business, which saw more money from ultra-high net worth individuals.