C Suisse macro business remains 'difficult' in Q2

Hanging On

Credit Suisse CFO David Mathers said the bank’s macro business, which combines interest rates, foreign-exchange and commodities trading, remained 'difficult' in the second quarter.

'The patterns we see in terms of current trading are very similar in the second quarter to what we saw in the first quarter', Mathers said in an investor presentation in New York. 'So that is definitely macro and rates being more difficult, and credit and securitized products being very much at the strong end of spectrum,” with emerging markets 'somewhere in the middle', he said.

Bloomberg News reports that Credit Suisse’s trading revenue in U.S. dollars so far this quarter is down by a 'mid-teens' percentage, similar to what other banks are seeing and reflecting the trends in the macro business this year, Mathers said. The rates business is going through a transformation because of the move to central clearing, while change to the structure of the foreign exchange business 'doesn’t seem unlikely' because of regulatory probes in that area, Mathers said.

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Credit Suisse Sees 'Difficult' Macro Business in Quarter

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