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23 September 2017 11:12 (South Africa)

Credit Suisse Group makes a killing in Q3

We reported on Tuesday that Credit Suisse is rethinking bonus structures in the move that probably ensured its global stature. On Thursday it was the results time and the CS Group didn't disappoint,  not at all. The bank made $2.4 billion profit in the three months ending in September. That pleasantly surprised analysts and made everybody happily forget that just a year ago the group reported an almost $1.3 billion loss. What was even more positive was that the group didn't only make  money by trading, but, unlike Goldman Sachs, also through its investment banking team, which would mean that the pace of the recovery for the global economy is picking up. Of course, it could also be a freak occurrence and the CS Group picked up all the investment business Goldman Sachs was too busy to accept. Read more: BusinessWeek

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