Credit Suisse on Thursday became the latest major bank to report a strong second quarter showing as its net profit rose by 29 percent to 1.57 billion Swiss Francs ($1.41 billion.) In a statement the Swiss banking giant attributed its performance to a “reduced-risk business model providing the basis for more sustainable, high-quality, lower volatility earning.” Its Investment banking arm, which incurred much of the blame for the bank’s record losses last year, weighed in with pre-tax profits of 1.66 billion Swiss Francs ($1.55 billion). Overall earnings rose by 10 percent to 8.6 billion Swiss Francs ($8.07 billion) from 7.7 billion Swiss Francs ($7.2 billion) a year earlier.
Tag Archives: a-net-loss
GM Europe restructures Opel as a separate unit
General Motors’ European division announced Friday that its German subsidiary, Opel cars, will become an independent unit of the company.
India says it will oppose U.S. ‘protectionism’
India Friday vowed to oppose any protectionism moves by the United States as part of Washington’s efforts to deal with the economic crisis. Attorney General Andrew Cuomo has been highly critical of Wall Street firms in general and Merrill Lynch in particular for the way they have conducted themselves in the midst of a financial crisis.
Helicopter goes down near California nuclear plant
A U.S. Border Patrol helicopter went down Thursday night near the San Onofre Nuclear Generating Station, according to the Federal Aviation Administration