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Credit Suisse sees tough markets ahead after Q1 loss

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Credit Suisse sees subdued market conditions and restrained client activity continuing at least through the second quarter, the Swiss bank said on Tuesday as it posted a 302 million Swiss franc (S$426 million) loss for the first three months of 2016.

[ZURICH] Credit Suisse sees subdued market conditions and restrained client activity continuing at least through the second quarter, the Swiss bank said on Tuesday as it posted a 302 million Swiss franc (S$426 million) loss for the first three months of 2016.

This was above the average forecast in a Reuters poll of nine analysts for a 424 million franc loss.

Tough financial markets have so far hampered Chief Executive Tidjane Thiam's efforts to implement his strategy of slimming down the investment bank, focusing on wealth management and cutting billions of dollars in costs.

REUTERS