Newspaper article International New York Times

Credit Suisse Returns to Profit in Second Quarter

Newspaper article International New York Times

Credit Suisse Returns to Profit in Second Quarter

Article excerpt

The return to the black after two periods of losses gave a lift to efforts by its chief executive, Tidjane Thiam, to turn around the Swiss bank.

Credit Suisse reported on Thursday a surprise profit for the second quarter, bolstering its chief executive, Tidjane Thiam, as he tries to turn the bank around during a period of challenging financial markets and after losses in recent quarters.

Mr. Thiam, who left the British insurer Prudential to join Credit Suisse last summer, is in the middle of an extensive overhaul of the lender, shrinking its investment bank and placing greater emphasis on its wealth-management business, particularly in Asia and other emerging markets.

But the turnaround at the second-largest bank in Switzerland, behind UBS, has not been as smooth as Mr. Thiam might have hoped. Since joining Credit Suisse, he has had to contend with continued turmoil in the financial markets that has cut into the confidence of clients, a stock price that has declined more than 50 percent and tension within the bank over his strategy shift. …

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