Credit Suisse slumps in third quarter

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.