Credit Suisse Stock Rises on Revenue Growth
Strong wealth management inflows, better margins and restructuring progress have boosted Credit Suisse stock
Credit Suisse (CS) - Get Report stock opened with a bang on Tuesday as it announced strong asset growth in wealth management, at better margins and the successful conclusion of its investment bank restructuring.
For investors, the progress in the core business outweighed a steeper-than-expected loss for the full-year - which was driven by the Swiss lender's December settlement with U.S. authorities over the crisis-era sale of mortgage backed securities.
"2016 was the first full year of implementing our new strategy and it was a challenging and busy 12 months....We have significantly reduced our fixed operating cost base and increased our operating leverage," said CEO Tidjane Thiam.
