Shares are rising after trading opened in Europe.
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Credit Suisse earnings surged in the second quarter, with the bank announcing an 8% rise in global markets revenue while fixed income sales and trading gained 11%.The announcement comes as most banks have disappointed in their earnings such as Deutsche Bank, Citigroup, and JPMorgan.
The Swiss bank's headline figure was a 45% surge in profits in the period, striking a contrast to other European and Wall Street banks that have disappointed in sales and trading revenues.reported widescale losses due to the overhaul of its business, while Citigroup's equities trading revenue fell below expectations and JPMorgan dropped 12% in the same category.
Credit Suisse meanwhile reported growth of 3% in equities sales and trading, bucking the trend and sending a possible signal it may not be all doom and gloom.. It cited analysts at Citigroup:"We view these as strong results," adding"global markets has been the main cause of earnings downgrades over the past 18 months, but has now shown signs of recovery for a second consecutive quarter.
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