Credit Suisse’s IBD lags behind US rivals
Credit Suisse was first off the blocks among big European investment banks in releasing its first quarter results on Wednesday. While trading revenue was strong, underwriting and advisory revenues disappointed, compared with US peers.
Revenue as a whole from trading, origination and advisory for the quarter was in line with the average reported by US banks, according to Simon Adamson, chief executive of CreditSights.
But this hid under-performance in the latter two operations.Credit Suisse blamed lower underwriting activity on the US ...