Two cheers for Credit Suisse

Brady Dougan has waged a campaign to convince a sceptical market that the Swiss bank could cut it in a capital-light, Basel III world

Vindication for Brady Dougan? Credit Suisse's chief executive has waged a long campaign to convince a skeptical market that the Swiss bank could cut it in a capital-light, Basel III world.

A first-quarter return on equity of 16% excluding one-time items and a 23% return from the investment-banking division would appear to settle the question. But two, rather than three, cheers are in order.

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