FRANKFURT, Germany – Swiss bank Credit Suisse says net profit fell 34 percent in the first quarter as revenues decreased from its investment banking business.
Profit fell to 859 million Swiss francs (979 million dollars) from 1.303 billion in the same quarter a year ago. Group core revenues fell 8 percent to 6.469 billion francs (7.375 billion dollars).
The bank said Wednesday it saw lower revenues and earnings at its investment banking division, which faced "a challenging market environment." The division saw less client activity in bond sales and trading and took a 297-million-franc (338.6-million-dollar) loss on businesses it considers non-strategic and is winding down. It also cited difficulties in emerging markets.
The investment bank's troubles were partly offset by the private banking and wealth management business serving ultra-high net worth clients.