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  1. Wealth
October 23, 2008

Credit Suisse slumps in third quarter

By Spear's

Third quarter earnings at Credit Suisse’s private banking unit have fallen by almost 40 percent compared to the same period a year ago.

Third quarter earnings at Credit Suisse’s private banking unit have fallen by almost 40 percent compared to the same period a year ago as the bank struggles with the impact of the credit crunch and a one-off SwFr 310 million charge to settle auction-rate securities (ARS).

Switzerland’s second largest wealth manager did, however, see a strong inflow of net new assets. Bankers brought in SwFr 14.5 billion, comprising SwFr 11.3 billion in Wealth Management and SwFr 3.2 billion in the Swiss Corporate & Retail Banking business, which represented a rolling four-quarter average growth rate of 6.2 percent, mainly from Europe, Middle East and Africa (EMEA), the Americas and Asia Pacific.

For further details visit thewealthnet

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