Zurich-based Credit Suisse said Thursday its net profit in the quarter was 41 million Swiss francs ($42.2 million), compared with 779 million francs in the same period last year. Daniel Regli, a MainFirst analyst, noted that Credit Suisse’s results follow a series of upbeat reports from rivals, which raised the bar. “Most of the banks were able to surprise positively, so I think the market already assumed Credit Suisse would follow,” he said. Credit Suisse said it has now cut 5,400 jobs, including contractors, of the 6,000 planned as part of its restructuring. Credit Suisse raised 6 billion francs in fresh capital last year, shortly after Mr. Thiam took over as CEO.

Source: Wall Street Journal November 03, 2016 06:11 UTC