Shares In Investment Bank Credit Suisse Are On The Back Foot

By Staff of Admiral Markets

Thursday, October 29, 2020 4:43 AM EDT

Shares in investment bank Credit Suisse (CS) are on the back foot as the company reported a 38% fall in profits for the third quarter, citing the coronavirus pandemic and "significant foreign exchange headwinds."

Credit Suisse records 38% fall in profits. More pain ahead?

Third-quarter profit 546 million Swiss francs vs 572 million Swiss francs expected.
38% fall in third-quarter profits due to slowdown in wealth management.

Earlier this year, Chief Executive Thomas Gottstein announced a broad range of measures for the bank which includes merging the global markets trading division and the advisory arms of its investment banking and capital markets units, in an attempt to cut costs.

Credit Suisse's share price has dropped more than 90% since the heights of the 2008 financial crisis. In 2007, the stock traded at an all-time high of around $78 but closed around $10 at yesterday's closing price, after reaching an all-time low of circa $6.60 in March.

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