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Credit Suisse profit slumps


Credit Suisse profit slumps


Credit Suisse’s net profit tumbled 74 percent in the third-quarter.

Sluggish trading in shares halved its earnings from investment banking compared to the previous quarter.

Switzerland’s second largest bank in terms of market value reported net profit fell to the equivalent of 451 million euros.

As the first big European bank to report, Credit Suisse rekindled concerns about a weak third quarter.

By contrast, results from US banks have not been as bad as feared

Credit Suisse said its strategy of hiring investment bankers aggressively is now starting to pay off.

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