Credit Suisse’s revenue falls due to “significant foreign exchange headwinds”
On Thursday, Credit Suisse (CSGN.S) posted a slide on its third-quarter revenue due to “significant foreign exchange headwinds.” The investment bank and financial services firm said it failed to offset a slowdown in its wealth management fees.
Credit Suisse’s revenue fell by 38% worth 546 Million Swiss Francs ($602 Million) during the third quarter.
However, Bloomberg’s analysts estimated 680.7 Million Francs profit ($747 Million) from July to September.
Earlier this year, Credit Suisse received a revenue boost worth 327 Million Francs from the sale of its InvestLab fund platform to the Allfunds group.
Credit Suisse’s shares went down by 4.7% on Zurich’s SIX exchange.
The investment banking company said that it expects the trading environment amid the coronavirus pandemic would “continue to result in elevated levels of transactional and trading activity, across both our wealth management and investment banking businesses, as our clients respond to the macroeconomic uncertainties.”