Credit Suisse is Halfway There

Despite a disappointing quarter, the Zurich bank has cut costs, sloughed off its insurance armand is looking more like streamlined rival UBS

Credit Suisse (CSR) often disappoints investors, and Aug. 2 was no exception. The Zurich-based bank reported second-quarter net profit of $1.75 billion, up 135% from the year-earlier period, but down 17% from the previous quarter. Investors, disappointed by trading results that were weaker than in the strong first quarter, pushed the stock down 3%. They had already been shocked the day before by a reported loss of around $120 million by Deutsche Bank (DB) in equity proprietary trading.

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