Credit Suisse Trading Losses Overshadow End of Thiam Turnaround
- Swiss bank posts larger than expected loss in trading business
- Key wealth management division, investment bank beat estimates
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Credit Suisse Group AG’s three-year turnaround ended with more of a whimper than a bang after trading losses eroded gains in wealth management and investment banking.
The Global Markets business posted a larger-than-expected loss of 193 million francs ($191 million) in the fourth quarter, offsetting wealth management and investment banking results that beat estimates. In a tough quarter for money managers, the Zurich-based bank bucked a trend of large outflows at rivals, adding about half a billion francs of net new money.