Credit Suisse on July 30 reported 6.2 billion Swiss francs of revenue for the second quarter of 2020, up 11% compared with the same period a year earlier.
Revenue in the Swiss lender’s investment bank, which includes debt and equity underwriting and deal advice, rose 61% year-on-year to 732 million francs. The global trading business was up 33%, with 2.5 billion francs of revenue. New Chief Executive Thomas Gottstein unveiled a plan to merge the group’s markets and investment banking divisions into a single entity. The new division will include its Asia-Pacific trading business, which previously sat under a regional structure.
Gottstein also pledged to cut 400 million francs of annual costs at the group, and said he wants two-thirds of the company’s capital to be deployed in wealth management businesses over time.
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