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Cost-cutting bears fruit at Credit Suisse trading arm

CEO Tidjane Thiam hails the impact of restructuring efforts on the trading division's bottom line

Cost-cutting bears fruit at Credit Suisse trading arm
Photo: iStockPhoto

Lower compensation and restructuring costs kept Credit Suisse's markets business in the black in the second quarter, despite reduced levels of volatility hitting revenues.

The Swiss bank said reported profits at its global markets unit, which houses its sales and trading operations, climbed by two thirds to Sfr257m on the back of lower costs.

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