Credit Suisse profits hurt by weak market

Credit Suisse's profits fell 74% in the third quarter, thanks to choppy stock markets hitting its investment bank.

The Swiss bank earned 609m Swiss francs ($630m, £400m) during the three months, down from 2.4bn francs a year ago.

Investment banking revenues fell by 30%, mainly because of low client activity in the group's equity advisory and underwriting businesses.

Stock markets took a battering over the summer because of fears over eurozone debt and a US double-dip recession.

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As a result, fewer companies paid the bank to arrange share offerings, advise on mergers and acquisitions, or provide other such services during the quarter.

Posted by Đinh Quang Huy on Thursday, October 21, 2010. Filed under . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

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