“So far this year they’ve been a little bit more challenging, and that has impacted the business,” Dougan, 54, said today in a Bloomberg Television interview in Zurich, referring to conditions in developing nations.
In the first nine months of 2013, Credit Suisse got about 20 percent of its fixed-income, currencies and commodities revenues, or about $875 million, from emerging markets, according to company disclosure in October. The bank didn’t provide a comparable full-year figure when it reported fourth-quarter results today.
“Challenges there are not brand new,” Dougan said. “We did see some challenges in the last half of last year. Actually our emerging-markets business performed pretty well through the third and fourth quarter last year, even though conditions were challenging.”
Revenue from emerging markets in the fourth quarter was less than a year earlier, reflecting “reduced trading activity partially offset by higher financing revenues,” Credit Suisse said.
Global investors pulled $6.3 billion from developing-nation equities in the week ended Jan. 29, the biggest outflow since August 2011, according to Barclays Plc, citing data from EPFR Global.
The decline in emerging markets looked “a little bit overdone,” Sergio Ermotti, CEO of Zurich-based UBS AG, said in an interview this week.
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