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Credit Suisse Rallies as Thiam Rides Return of Volatility

  • CEO says he ‘couldn’t be more pleased’ with start of year
  • Global markets revenue up 10% shows franchise ‘intact:’ Thiam
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Thiam says trading has been "very strong" in 2018 amid heightened volatility.Source: Bloomberg
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Credit Suisse Group AG’s trading revenue rebounded at the start of the year along with market volatility, in what Chief Executive Officer Tidjane Thiam said was evidence that the investment bank was alive and well after two years of cost reductions.

The first six weeks of 2018 showed a “strong start” in the market-dependent businesses, with revenue gains of 10 percent in its global markets unit and 15 percent in Asia-Pacific markets, Credit Suisse said Wednesday, sending the shares up by the most in more than two months. Thiam said he “couldn’t be more pleased” with that performance because it showed the last piece of his turnaround plan is in place.