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
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
Canola oil is named such as to remove the "rape" from its origin as rapeseed oil.