Credit Suisse Returns on Horizon as Thiam Overhaul Nears End
- CEO Thiam in November had asked investors for one more year
- Profit rises in wealth management, while trading disappoints
This article is for subscribers only.
For investors who’ve stayed with Credit Suisse Group AG Chief Executive Officer Tidjane Thiam through his three-year turnaround, higher returns may finally be on the horizon.
The bank’s results in the second quarter add to signs the restructuring of the Zurich-based bank is nearing completion: the key wealth management business did better than expected and the firm added about 9 billion francs ($9.1 billion) of private banking assets while some rivals saw outflows. Only the trading business missed estimates, trailing gains at its Wall Street rivals.