Credit Suisse has strong start to 2018 after third straight loss

Credit Suisse (CSGN.S) on Wednesday was upbeat on prospects for the year ahead, as it enters the last leg of Chief Executive Tidjane Thiam’s three-year overhaul, hoping to put its third straight annual loss behind it.

Thiam has been reshaping Switzerland’s second biggest bank by scaling back Credit Suisse’s investment banking business to concentrate on less capital-intensive private banking.

But the meltdown of one of the bank’s volatility products last week and two recent U.S. lawsuits over activities before and just after Thiam took charge have raised questions about how far his strategy has taken hold.

The bank on Wednesday also disclosed an inquiry into its hiring practices in the Asia-Pacific region.

These troubles, combined with pressure from activist investors, have put the bank’s efforts to turn itself into a premier bank for the world’s ultra-wealthy under the spotlight.

Source: Reuters

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