Credit Suisse CEO Tidjane Thiam proved he could wield an ax in the first quarter, slashing staff and assets in a bid to ride out the turmoil in global markets. But progress will only get tougher from here.
Like other big investment banks such as Deutsche Bank or Barclays, Credit Suisse had an ugly start to the year -- yet successfully managed to clear a lowered bar for market expectations. The bank reported a 302 million-franc ($311 million) net loss, hit by weak capital-markets trading and losses from asset sales. Analysts had, however, been predicting an even worse performance. With the wealth management business helping to cushion the pain and capital holding steady, the bank's shares jumped more than 5 percent on Tuesday morning.