Credit Suisse CEO sees things 'going in right direction'

[ZURICH] Business conditions are improving after a tough start to the year, Credit Suisse chief executive Thomas Gottstein said in a presentation released on Wednesday.

"Those early indications that we have seen now in the last couple of weeks have been actually quite promising and going in the right direction. We clearly had a lot of stress in the system in the second half of March but things really calmed down in April and they continue to be quite robust in May and June," he said in an audiocast for a Goldman Sachs conference.

"So far, so good. Clearly we expect very bad economic data for Europe and the US for Q2 but overall actually if I speak to my colleagues on the corporate banking side in Switzerland, to my colleagues in investment banking, we actually see high engagement with our clients and that makes me actually feel quite optimistic in the circumstances."

REUTERS