Credit Suisse Predicts New Loss in Trading, Haunting Thiam

Trading business set for second straight quarterly loss
Timid investors, equities selloff hurts Global Markets unit

Credit Suisse AG Chief Executive Officer Tidjane Thiam discusses a $3 billion stock buyback.Source: Bloomberg)

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By Patrick Winters and Jan-Henrik Foerster

December 12, 2018 at 9:34 AM UTC

Updated on

December 12, 2018 at 2:22 PM UTC

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Tidjane Thiam spent three years scaling back Credit Suisse Group AG’s volatile trading business, but the unit -- set for its second straight quarterly loss -- keeps haunting the bank’s chief executive officer.

Global Markets -- the bank’s principal trading business -- suffered as volatile markets pushed clients to seek shelter in cash rather than trading stocks. Credit Suisse’s forecast for full-year adjusted pretax income indicates an expected decline of about $92 million at the unit in the fourth quarter.