Soaring Swiss franc and sinking FICC squeeze CS numbers
Credit Suisse reported disappointing profits for the second quarter of 2011, with balance sheet and revenues shrinking, like rival UBS, as a result of a strengthening Swiss franc and a weak fixed income trading performance. Credit Suisse made Sfr768m in the second quarter, 52% down on the year, and well under consensus of Sfr1.08bn.
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