NEW YORK (TheStreet) -- Shares of Credit Suisse Group (CS) are down -2.72% to $28.27 as the firm reversed course and said it will quit commodities trading after posting its biggest loss since the financial crisis in 2008, the result of a $1.78 billion fine from U.S. authorities for helping its clients evade taxes, Reuters reports.
Credit Suisse's fixed income unit beat its wealthy client unit and its U.S. rivals with a 4% jump in sales and trading, overcoming its own downbeat guidance in May, Reuters said.
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TheStreet Ratings team rates CREDIT SUISSE GROUP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREDIT SUISSE GROUP (CS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."