- Credit Suisse earnings surged in the second quarter, with the bank announcing an 8% rise in global markets revenue while fixed income sales and trading gained 11%.
- The bank reported an overall 45% surge in profits in the period.
- The announcement comes as most banks have disappointed in their earnings such as Deutsche Bank, Citigroup, and JPMorgan.
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Credit Suisse has bucked the global banking trend of decline in its second-quarter earnings report, announcing an 8% rise in global markets revenue and fixed income sales and trading up 11%.
The Swiss bank’s headline figure was a 45% surge in profits in the period, striking a contrast to other European and Wall Street banks that have disappointed in sales and trading revenues.
Deutsche Bank reported widescale losses due to the overhaul of its business, while Citigroup’s equities trading revenue fell below expectations and JPMorgan dropped 12% in the same category.
Credit Suisse meanwhile reported growth of 3% in equities sales and trading, bucking the trend and sending a possible signal it may not be all doom and gloom.
The Swiss bank beat analysts expectations, according to the Financial Times. It cited analysts at Citigroup: "We view these as strong results," adding "global markets has been the main cause of earnings downgrades over the past 18 months, but has now shown signs of recovery for a second consecutive quarter."
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