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BREAKING NEWS

Lower bond trading hits Credit Suisse first-quarter profit

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Lower bond trading hits Credit Suisse first-quarter profit

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Credit Suisse has revealed that its net profit fell by more than a third between January and March compared with the same period last year.

The problem was much lower revenue from trading of bonds, which raises concerns about the investment banking strategy at Switzerland’s second-largest bank.

All banks are struggle with new, tighter rules being imposed by regulators to protect the financial system, but Credit Suisse has the addition issue of investigations by US officials into claims it helped wealthy Americans hide cash from the tax authorities.

It has recently set aside more money for settlements and to avoid prosecution.