Credit Suisse Drops as Thiam Wealth-Management Push Stumbles
- Net margin at Asia-Pacific unit dropped in third quarter
- CEO Thiam says outlook to remain challenging for Swiss bank
Credit Suisse Profit Surprises as Revenue Slumps
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Credit Suisse Group AG dropped the most in three months after the lender reported a third-quarter profit sparked by one-time gains, while Chief Executive Officer Tidjane Thiam signaled that the outlook will remain challenging.
While the Zurich-based lender posted a surprise profit of 41 million Swiss francs ($42 million), it was driven by a gain on a property sale. Revenue from equities trading slumped 38 percent and margins at the Asia-Pacific’s private-banking business dropped, hurt by loan provisions.