Credit Suisse’s Worst Trading First-Half in Decades Augurs Cuts
- Limited rates business hinders results at securities arm
- Swiss lender is trying to shift unit to capital-light model
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Credit Suisse Group AG’s traders posted their worst first-half results in more than two decades, setting the stage for an overhaul that’s likely to see the lender’s trading heft shrink further.
Revenues in both fixed income and equity sales and trading businesses were both down about a third in the second quarter, the Swiss bank said Wednesday. The trading businesses produced $2.3 billion of revenue in the first half, the lowest this century.