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4-Traders Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group    CSGN   CH0012138530

Delayed Quote. Delayed  - 07/28 10:32:35 am
14.96 CHF   +1.98%
10:19aDJUBS : Credit Suisse Boost Earnings After Strategic Shift
08:58a CREDIT SUISSE : earnings up 78 pct as new assets increase
07:18aDJCREDIT SUISSE : 2Q Profit Rises
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Credit Suisse : to wind down commodities trading

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07/22/2014 | 01:17pm CEST

Credit Suisse said on Tuesday it was winding down its commodities trading to focus its resources on more profitable areas of its business.

In presentation slides accompanying the bank's second-quarter earnings, Credit Suisse said it expected to achieve roughly $75 million in savings from the move and reduce risk-weighted assets by $2 billion.

"We've really for the last close to a year now been actually reducing our capital in (the macro) business as well as our expenses," Chief Executive Brady Dougan said in a video interview accompanying Credit Suisse's earnings release.

"We have now taken additional steps during the course of the second quarter to actually have made a decision to exit the commodities business."

The bank's Chief Financial Officer David Mathers told reporters in a call following the earnings that Credit Suisse was a relatively small house in commodities with quite a lot of fixed costs against it, and it was therefore appropriate to exit the business. He did not comment on how many employees would be affected by the move.

Credit Suisse joins the likes of Deutsche Bank, JPMorgan and Barclays that are either exiting or significantly downsizing their activities in commodities.

In its second-quarter results, Credit Suisse reported its biggest quarterly loss since the collapse of Lehman Brothers in 2008, due to a 1.6 billion Swiss franc ($1.78 billion) charge taken following a May settlement with U.S. authorities over tax evasion charges.

(Reporting by Joshua Franklin and Katharina Bart; Editing by Maria Sheahan)

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Financials ( CHF)
Sales 2017 21 203 M
EBIT 2017 2 340 M
Net income 2017 1 376 M
Debt 2017 -
Yield 2017 2,75%
P/E ratio 2017 22,76
P/E ratio 2018 12,46
Capi. / Sales 2017 1,77x
Capi. / Sales 2018 1,70x
Capitalization 37 497 M
Chart CREDIT SUISSE GROUP
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Credit Suisse Group Technical Analysis Chart | CSGN | CH0012138530 | 4-Traders
Technical analysis trends CREDIT SUISSE GROUP
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 15,0  CHF
Spread / Average Target 2,2%
EPS Revisions
Managers
NameTitle
Tidjane Thiam Chief Executive Officer
Urs Rohner Chairman
Pierre-Olivier Marie Bouée Chief Operating Officer
David R. Mathers Chief Financial Officer
Richard E. Thornburgh Vice Chairman
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