Salem Radio Network News Wednesday, September 22, 2021

Business

Credit Suisse posts 78% second-quarter net profit decline

ZURICH (Reuters) – Credit Suisse on Thursday posted a 78% fall in second-quarter net profit, as a steep drop in its investment banking revenues sharpened the blow from recent Archegos and Greensill scandals.

Net profit of 253 million Swiss francs ($278.45 million) missed average forecasts for 334 million Swiss francs in the bank’s own poll of 18 analysts.

Meanwhile, it unveiled its findings from an investigation into the Archegos matter.

($1 = 0.9086 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi, editing by Kirsti Knolle)

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