A revival at Credit Suisse’s trading business helped Switzerland’s second biggest bank to announce better quarterly profits than had been widely expected and has given a boost to Tidjane Thiam, its boss. The Zurich-based lender reported an 8 per cent rise in first-quarter net profits to SwFr749 million (£568 million), up from SwFr694 million a year earlier and above the SwFr692 million forecast by analysts. The figures kick off the earnings season for European banks and provide a fillip for an industry braced for a poor performance from investment banking operations. Wall Street rivals including Goldman Sachs and Morgan Stanley have endured a torrid time in their trading businesses in recent months. Credit Suisse’s global markets business swung to a SwFr282 million pre-tax profit from…

Source: The Times April 24, 2019 23:05 UTC