Credit Suisse first-quarter profit falls as trading tumbles
Published on Apr 16, 2014 1:13 PM
ZURICH (Reuters) - Credit Suisse said on Wednesday that first-quarter net profit fell by more than one-third on the year as revenue from bond-trading activities tumbled.
Credit Suisse's net profit of 859 million Swiss francs (S$1.2 billion) missed analyst views, which averaged 1,155 million francs in a Reuters poll.
Credit Suisse is being targeted by US officials in a US tax probe over helping wealthy Americans hide cash from their taxman, for which it recently hiked the funds it has set aside to settle and avoid prosecution. That federal probe widened recently to New York state's top financial regulator.
The bank said in its quarterly statement, which comes before those of European rivals such as Deutsche Bank and Barclays, that it continues to focus on resolving the investigation.