Credit Suisse Group registered profits in its third-quarter but not on the expected lines on Thursday. It posted a massive 38 per cent loss from the previous year’s same quarter, which led to missing of estimates. Even the performance of investment banking that edged past good scores failed to weed out slowdown and damp in the wealth management create by the pandemic and demand-supply issue.
Notably, these figures look peanuts in front of the numbers posted by the company last year. Interestingly, the profits remained 462 million pounds or 546 million Swiss francs. It was lesser than the median estimated (572 million francs) compiled by several experts of the Swiss Bank.
Reportedly, Credit Suisse obtained a revenue push of 327 million francs the last year after selling off its InvestLab fund platform.