According to NY Times Credit Suisse, Switzerland’s second largest bank profit falls -34% due to its diminished interest rates unit and a weak performance in emerging markets contributed to a 13% year-on-year decline in net revenue at the investment bank.
Which is causing the bank to wind down on their businesses and letting them go because they’re too expensive to maintain. Additionally this also means employees are being let down as the company seeks to slim down operation.
Credit Suisse is also in the middle of a legal issue with the US Justice Department because to track down the identities of American clients who used accounts at the bank to evade taxes.
Credit Suisse will now focus more on their private banking and wealth management businesses because it attracted 13.7 billion francs new assets during the quarter