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Credit Suisse trails peers as key businesses miss analyst estimates

Net income dropped 38% to 546 million francs ($599 million), compared with expectations of 597 million francs, dragged lower by the key international wealth management and Swiss units

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Credit Suisse set aside just 94 million francs last quarter to deal with an expected increase in bad loans from the crisis, less than half what analysts had expected

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Credit Suisse Group AG missed analyst estimates in key businesses and failed to capitalize on a trading rally that lifted rivals as Chief Executive Officer Thomas Gottstein reins in risk-taking following a series of missteps.
 
Net income dropped 38% to 546 million francs ($599 million), compared with expectations of 597 million francs, dragged lower by the key international wealth management and Swiss units. While the newly-formed combined investment bank did better, it still trailed Wall Street firms and peers such as UBS Group AG and Deutsche Bank AG in trading revenue.
 
The results sent shares of Credit Suisse down by

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First Published: Oct 30 2020 | 1:44 AM IST

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