Credit Suisse said that its profitability could be hit by a drop in asset management fees in Q4. In essence, lower fees due to adverse market conditions would lead to weaker revenues and thereby reduced profitability. With the Swiss lender having reported Q3 losses of $4bn, the expected Q4 losses are also said to come from costs associated with its strategic transformation that include carve outs of its capital markets and advisory business and withdrawing from non-core businesses.

CS’s dollar bonds were trading lower with its 9.75% Perp down 3 points to 90.65, yielding 12.46% to call.

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