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Credit Suisse Touts Cost Cuts After First-Quarter Loss


Swiss bank Credit Suisse (CS - Get Report) rose sharply in early trading as the lender reported a quarterly loss that was better than expected and CEO Tidjane Thiam reported progress on cost cuts.

Credit Suisse reported a net loss of Sfr302 million ($310.8 million) compared with a profit of Sfr1.05 billion a year earlier as the bank's restructuring global markets division plunged deep into the red and its investment banking and capital markets unit also posted a loss.

Thiam said January and February were "some of the most difficult markets on record with volumes and client activity drastically reduced." Despite a subsequent tentative pickup, he foresees "subdued...