Tuesday , May 22 2018

Credit Suisse gains as trading rebounds with volatility

Bloomberg

Credit Suisse Group AG’s trading revenue rebounded at the start of the year along with market volatility, in what Chief Executive Officer Tidjane Thiam said was evidence that the investment bank was alive and well after two years of cost
reductions.
The first six weeks of 2018 showed a “strong start” in the market-dependent businesses, with revenue gains of 10 percent in its global markets unit and 15 percent in Asia-Pacific markets, Credit Suisse said Wednesday, sending the shares up by the most in more than two months. Thiam said he “couldn’t be more pleased” with that performance because it showed the last piece of his turnaround plan is in place.
Credit Suisse rose as much as 4.2 percent and traded 3 percent up at 10:52 a.m. in Zurich, leading the Bloomberg Europe 500 Banks and Financial Services Index higher. The Swiss bank is among the best performers in the index over the past six months, with a gain of about 16 percent.

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