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Credit Suisse boosted by bond trading and Alibaba fees

Credit Suisse boosted by bond trading and Alibaba fees
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Credit Suisse has reported stronger-than-expected third quarter profits.

Its investment division was a big contributor thanks to a rise in bond-trading and fees from work on the share listing of China’s Alibaba.

But the wealth management arm of the Zurich-based bank had a disappointing three months.

The return to profit comes after Credit Suisse reported its biggest loss since the financial crisis in the previous quarter.

That was because it took a huge hit from pleading guilty in a US tax evasion investigation, and paid fines the equivalent of 1.3 billion euros.

The results show that Credit Suisse remains reliant on investment banking to drive earnings even though it is trying to balance this more evenly with its wealth management arm, which caters to the financial needs of wealthy people.

with Reuters

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